The Blockchain Association, an organization that represents crypto- and blockchain-related businesses in the U.S. sent a message to Donald Trump, president elect, and Congress on Saturday. In the letter signed by Blockchain Association CEO Kristin Smith, the organization outlined five priorities for the first 100 days of Trump’s administration.
Smith believes the entire crypto industry is calling for a new chairman to replace Gary Gensler at the U.S. Securities and Exchange Commission. Smith says that the Internal Revenue Service, Treasury Department and Treasury Department leadership must be restructured.
The SEC is an independent agency and as President Trump will not have the authority to fire Gensler—something he promised to do on his first day back at the White House during his campaign. However, earlier this week, Gensler announced that he will be stepping down from his role to make way for Trump’s replacement on Jan. 20, 2025, the same day that Trump is scheduled to retake the White House.
According to the letter, the taxation of digital assets has been inconsistent and the ‘Broker rule’ recently introduced by the IRS may drive companies offshore. The IRS will mandate that by July 2024 all brokers must disclose their gross proceeds, as well as any gains or losses resulting from the sale of crypto, stablecoins and non-fungible tokens (NFTs).
The letter stated that the Treasury Department must be open to software developers, and place a priority on privacy protection for U.S. residents.
Smith also asked Trump to rollback the SAB 121 Accounting Guideline that forces listed companies to include crypto assets on their balance sheets. In the letter, Smith called the guideline ‘punitive’ and ‘anti-crypto.’
The letter listed the establishment of a ‘fit-for-purpose’ regulatory framework for cryptocurrencies among the suggested priorities. The regulations should be balanced between protecting customers and encouraging innovations, according to the letter.
Smith also wrote that crypto-companies have been denied access to banking services for years and demanded a stop to this practice. The letter stated:
“Crypto companies and users have been unjustly denied access to traditional banking rails critical to paying employees, vendors, and taxes. This practice should end immediately.”
The letter also suggested that Trump create a crypto-advisory council, which would work with Congress and regulators. The Blockchain Association is of the opinion that partnerships between public and private sectors are crucial to establishing “smart rules that work.”
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