Blockchain Association Calls on Trump to Prioritize Crypto Reform in First 100 Days

The Blockchain Association has urged President-elect Donald Trump to take swift action to support the U.S. crypto industry, outlining five key priorities in a letter dated November 22. These priorities aim to address regulatory challenges, banking restrictions, and leadership changes, all seen as critical to bolstering the nation’s competitiveness in blockchain and digital asset innovation.

Regulatory Clarity and Leadership Overhaul

The letter emphasizes the need for a comprehensive regulatory framework for digital assets. The Blockchain Association called for the appointment of new leadership at key federal agencies, including the Securities and Exchange Commission (SEC) and the Treasury Department. With SEC Chair Gary Gensler stepping down in January, the association sees this as an opportunity to establish a leadership team focused on fostering innovation and transparency.

Tackling “Debanking”

One pressing issue highlighted is the widespread “debanking” of crypto firms, where traditional banks deny services crucial for operations like payroll, vendor payments, and taxes. The association pointed to examples like the Federal Deposit Insurance Corporation (FDIC) reportedly advising banks to restrict services to crypto companies.

This discriminatory practice, the letter argued, stifles growth and undermines U.S. competitiveness in the global crypto market. The Blockchain Association urged Trump to end such practices and create a level playing field for legitimate businesses.

Ending Regulation by Enforcement

The association criticized the “regulation-by-enforcement” approach under the Biden administration, arguing it has created uncertainty and deterred innovation. It called for the repeal of measures like SAB 121, an accounting guideline deemed punitive to crypto firms, and advocated for a transparent, innovation-first regulatory environment.

Tax Reform and Privacy Protections

The Blockchain Association also stressed the importance of clear and balanced crypto tax policies. It urged Trump’s administration to reset Treasury and IRS policies, particularly the Broker Rule, warning that overreaching tax proposals could drive businesses offshore. Additionally, the letter called for measures to protect the privacy of U.S. citizens as the digital economy evolves.

Collaborative Policy Development

To ensure balanced policymaking, the association proposed the creation of a public-private advisory council. This body would work with Congress and regulators to develop pragmatic regulations that promote innovation while safeguarding consumers.

Reclaiming U.S. Leadership

Framing its proposals as a roadmap to restoring the U.S.’s position as a global leader in blockchain, the Blockchain Association warned that the country risks falling behind as other nations adopt crypto-friendly policies. The letter urged Trump to seize this moment to support a thriving digital asset ecosystem and ensure the next wave of financial and technological innovation is built in America.

By addressing these five priorities, the association believes the U.S. can achieve a regulatory reset that balances innovation with consumer protection, solidifying its status as a global hub for blockchain and digital assets.