Crypto Enthusiasts Look Forward to Regulatory Shifts After SEC Chair Gensler’s Departure on January 20, 2025
As the countdown to President-elect Donald Trump’s inauguration on January 20, 2025, begins, the cryptocurrency community buzzes with anticipation. Many in the sector are hopeful that this change in leadership will lead to a more favorable regulatory landscape for digital assets.Engagement with Incoming Administration and Congress
The Blockchain Association, a key nonprofit focused on promoting innovation and supporting policies for digital currencies, has proactively engaged with both the incoming administration and Congress to communicate their critical priorities. ### Top Priorities for the First 100 Days of Trump’s Presidency In a recent letter from Kristin Smith, the Blockchain Association’s CEO, the organization expressed its desire for a reformed regulatory framework that aligns with the needs of the cryptocurrency industry. Smith noted that the current regulatory environment poses significant challenges for American innovators, often pushing them to explore opportunities abroad. Smith is optimistic that the new administration could reverse this trend, paving the way for the U.S. to reaffirm its position as a leader in technology, with the digital asset sector at the forefront of this evolution. Among the initiatives the Blockchain Association emphasizes for Trump’s early days in office, the establishment of a thorough regulatory framework for cryptocurrencies stands out. Smith advocates for a bipartisan legislative approach to market structures and stablecoins, aiming to balance innovation with essential consumer protections. The letter also highlights the pressing issue of limited banking access for cryptocurrency firms. Smith pointed out that both users and businesses encounter obstacles that restrict their access to essential banking services, which are vital for everyday operations such as payroll and tax payments.Key Appointments in Financial Regulation
The correspondence also underscores the necessity of appointing new leaders to the Securities and Exchange Commission (SEC). Smith calls for the repeal of SAB 121, accounting standards that she believes negatively impact the crypto industry. She contends that fresh leadership at the SEC is crucial for creating a regulatory atmosphere that is fair and transparent, moving away from the previous focus on enforcement actions. In addition to the SEC, the Blockchain Association is urging new appointments in both the Treasury Department and the Internal Revenue Service (IRS). Smith criticized the current tax treatment of digital assets as inconsistent and raised concerns that proposed regulations, such as the Broker Rule, could stifle the potential of promising companies in the U.S. market.Promoting Collaboration Between Sectors
To further strengthen the relationship between the crypto industry and government, the organization is advocating for the formation of a crypto advisory council. This council would facilitate collaboration among Congress and federal regulatory bodies, promoting public-private partnerships that are essential for creating effective regulations that protect consumers while nurturing industry growth. In her closing remarks, Smith reaffirmed the Blockchain Association’s commitment, along with its nearly 100 member organizations, to work hand-in-hand with Trump’s administration. By implementing these proposed initiatives, she argues, the United States can redefine itself as the premier hub for cryptocurrencies, heralding a new era of financial and technological advancement. “`htmlSource: Bitcoinist.com
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