Key Points
- The Blockchain Association has issued a direct appeal to President Trump and Congress, outlining a five-point plan for the first 100 days to revitalize the US crypto industry and end what they describe as a “hostile regulatory regime.”
- The letter, signed by CEO Kristin Smith, represents about 100 member organizations and calls for sweeping changes including new SEC leadership and the establishment of a crypto regulatory framework.
Crypto Industry Seeks Fresh Start Under New Leadership
The Blockchain Association, representing the nation’s leading digital asset companies, has issued a bold proposal to President Trump and Congress, marking a potential turning point for cryptocurrency regulation in the United States. The trade association’s letter outlines an ambitious agenda aimed at repositioning America as the global crypto innovation hub.
Five-Point Plan Targets Immediate Reform
At the heart of the proposal is a comprehensive 100-day action plan focusing on critical reforms. The plan calls for establishing a clear crypto regulatory framework, ending the practice of “debanking” crypto companies, appointing new leadership at the SEC, reforming Treasury Department and IRS approaches to digital assets, and creating a dedicated crypto advisory council.
“For years, American crypto innovators have been targeted and, in some cases, driven offshore by a hostile regulatory regime,” states the letter, highlighting the industry’s frustration with current regulatory approaches, particularly the SEC’s “regulation-by-enforcement” strategy.
Banking Access and Regulatory Overhaul Take Center Stage
One of the most pressing issues addressed in the letter is the systematic denial of banking services to crypto companies. The Association argues this practice has severely hampered the industry’s ability to conduct basic business operations, including paying employees and taxes.
The call for new SEC leadership represents another significant demand, with the Association specifically targeting SAB 121, the agency’s crypto accounting guidelines, for rollback. The proposal emphasizes the need for a more transparent and effective regulatory environment that balances innovation with consumer protection.
Industry-Government Collaboration Proposed
Perhaps most notably, the Association’s proposal includes the creation of a crypto advisory council to facilitate dialogue between the industry and government agencies. This public-private partnership approach suggests a shift from the current adversarial relationship to one of collaboration and mutual understanding.
“We stand ready to work with you to ensure the United States can regain its position as the crypto capital of the world,” concludes Kristin Smith, CEO of the Blockchain Association, signaling the industry’s willingness to engage constructively with the new administration while emphasizing the urgent need for reform.
