As an analyst with over two decades of experience in the financial and technological sectors, I find the recent appeal by the Blockchain Association to President-elect Trump for crypto and blockchain regulatory reform during his first 100 days intriguing. With my background in understanding both the potential disruptive power of these technologies and the complexities of regulatory environments, I can appreciate their ambitious five-point plan.
On November 22nd, an advocacy organization based in Washington D.C., called the Blockchain Association, wrote a letter to President-elect Donald Trump urging him to make urgent regulation of cryptocurrencies and blockchain technology a top priority during his initial 100 days in office.
In simple terms, the short message was posted on our organization’s online platform. It proposes a five-step transformation strategy for the initial 100 days of the upcoming Trump administration.
The Blockchain Association aims to revise the federal regulatory framework within the cryptocurrency and blockchain industries, with the intention of fostering industry expansion for the Republican Party.
For a considerable period, American innovators in the cryptocurrency sector have faced hostility from regulations, leading some of them to move their operations overseas. This is according to the Association’s statement.
“Your arrival in Washington, D.C., has the potential to change that reality.”
Crypto reform
The five-point plan outlined in the letter describes a top-down approach to reforming crypto regulation — albeit one that doesn’t address potential congressional gridlock and other mitigating factors that could prevent the new president from enacting broad spectrum change in his first 100 days in office.
The organization advocates for creating an appropriate structure for managing digital assets that promotes creativity while safeguarding consumers. In a related social media message, they urged the Trump administration to abandon the practice of “enforcement-based regulation.
The points number two and three on the list propose that Trump should halt the debanking of cryptocurrency companies and appoint a new Securities and Exchange Commission (SEC) chairman who will work towards rescinding SEC Staff Accounting Bulletin 121 – a bulletin frequently criticized by industry experts for being unfavorable to cryptocurrencies.
Following their deliberations, the group proposes fresh leadership at both the Treasury Department and Internal Revenue Service (IRS). According to CryptoMoon’s latest update, Donald Trump was rumored to be considering Howard Lutnick, CEO of Cantor Fitzgerald, and Scott Bessent, founder of Key Square Group, for the position of Treasury Secretary.
Lutnick has since been appointed as Secretary of Commerce, pending confirmation.
Trump is potentially expanding his hunt for a new Treasury Secretary, as per a report by The Washington Post published on November 22nd. The newspaper mentioned Kevin Warsh, a previous member of the Federal Reserve Board, as one of the individuals Trump was contemplating for the role.
According to the report, if appointed, Warsh is expected to act as the Secretary of the Treasury up until 2026, when Jerome Powell’s term as Federal Reserve chair concludes. At that time, Warsh would presumably step into Powell’s vacated position.
This situation raises the question about who will lead the Internal Revenue Service under Trump’s administration. Currently, Daniel Werfel serves as the Commissioner of Internal Revenue, a position he was appointed to for a five-year term in 2023. Given that Republicans control both the House and Senate, it is possible that Trump could persuade Congress to allow him to replace Werfel with someone from his party.
Ultimately, the organization advocates for creating a “cryptocurrency consultative body” that will collaborate with Congress and relevant government departments.
In my role as a researcher, I’ve been closely observing developments, and it appears that, as per recent reports from CryptoMoon, discussions are underway within Trump’s team regarding the potential creation of a specific White House position focused solely on cryptocurrency regulation.
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2024-11-22 20:48