The Blockchain Association, a nonprofit for U.S. crypto businesses, outlined key priorities for Trump’s upcoming presidency. In a letter to Trump and Congress, CEO Kristin Smith urged comprehensive changes in crypto-related policies.
Beyond SEC Leadership: A Call for Broader Overhauls
Many in the crypto industry want SEC Chairman Gary Gensler replaced. However, Smith argued this is not enough. She stressed the need for leadership changes at the IRS and Treasury Department to address broader issues.
Although the SEC operates independently, Trump vowed to remove Gensler upon taking office. Gensler preempted this by announcing his resignation, effective January 20, 2025, the day Trump begins his term.
Addressing Taxation Challenges and the Broker Rule
The letter criticized the IRS’s new “Broker rule,” implemented in July 2024. This rule mandates brokers to report gross proceeds and gains from selling crypto, stablecoins, and NFTs. Smith warned that such policies could force companies to relocate.
Privacy and Accounting Reforms Are Critical
Smith also urged the Treasury Department to adopt policies protecting software developers’ rights and citizens’ privacy.
She called for Trump to revoke the SAB 121 guideline. This rule forces public companies to list crypto assets on their balance sheets, which she described as “punitive.”
Building a Regulatory Framework That Encourages Innovation
The letter emphasized the need for a tailored regulatory framework for cryptocurrencies. Smith argued that regulations should balance consumer protection with innovation to foster growth.
Ensuring Banking Access for Crypto Companies
Smith highlighted a longstanding issue: crypto businesses lack access to traditional banking systems. This has restricted their ability to pay employees, vendors, and taxes. She called for immediate action to resolve this.
Proposal for a Crypto Advisory Council
Finally, Smith proposed creating a crypto advisory council. This group would work with Congress and regulators to create effective public-private partnerships.
By addressing these priorities, the Trump administration could help the crypto industry thrive while protecting consumers.
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