Quick Facts

The Blockchain Association has outlined its priorities for the Trump administration’s first 100 days, aiming to promote a regulatory environment that fosters innovation and growth.

Blockchain Association Outlines Crypto Priorities for Trump’s First 100 Days

As President-elect Donald Trump prepares to take office, the Blockchain Association, a coalition of companies and individuals from the digital asset and blockchain space, has outlined its priorities for the next 100 days. With the aim of promoting a regulatory environment that fosters innovation and growth, the association is seeking a swift end to the “regulation by enforcement” era of cryptocurrency oversight in the US.

The Current State of Play

In recent years, the rapid growth of the cryptocurrency and blockchain industry has led to a proliferation of unlicensed and unregulated activities. This has resulted in a patchwork of state-by-state regulations, which have created uncertainty and confusion among businesses and consumers alike. The absence of clear federal guidelines has led to a culture of “regulation by enforcement,” where authorities are relied upon to police the industry, rather than a coherent regulatory framework.

Priorities for the First 100 Days

The Blockchain Association has identified several key priorities for the Trump administration’s first 100 days, aimed at promoting a more stable and predictable regulatory environment. These priorities include:

1. Clear Guidance on Federal Regulatory Approach: The Association is calling for the administration to provide clear guidance on its regulatory approach to cryptocurrencies and blockchain technology. This should include a comprehensive framework for the regulation of Initial Coin Offerings (ICOs), exchanges, and other digital asset-related activities.
2. Establishment of a Crypto Regulatory Framework: The Association is pushing for the creation of a dedicated regulatory framework for cryptocurrencies and blockchain technology. This framework should provide clear guidelines for companies operating in the space, while also addressing concerns around investor protection, anti-money laundering (AML), and know-your-customer (KYC) requirements.
3. Modernization of Anti-Money Laundering (AML) and Know-Your-Customer (KYC) Requirements: The Association is advocating for the modernization of AML and KYC requirements to bring them in line with the rapidly evolving digital asset space. This should include the development of new technologies and processes that can effectively detect and prevent illicit activities.
4. Promotion of Blockchain Technology: The Association is encouraging the administration to recognize the potential benefits of blockchain technology and promote its adoption across various sectors. This includes the development of government-backed blockchain initiatives, research grants, and other incentives to drive innovation and growth.
5. International Cooperation: The Association is emphasizing the importance of international cooperation and coordination in the development of regulatory frameworks for cryptocurrencies and blockchain technology. This includes engaging with global regulatory bodies, such as the Financial Action Task Force (FATF), to promote a consistent and harmonized approach to regulation.
6. Tax Clarity: The Association is calling for the administration to provide clarity on tax treatment for digital assets, including cryptocurrencies and tokens. This includes establishing a clear framework for the taxation of blockchain-based income and expenditures.
7. Cybersecurity: The Association is urging the administration to prioritize cybersecurity in its approach to cryptocurrencies and blockchain technology. This includes the development of standards and best practices for securing digital assets and preventing cyber-attacks.

In an era of increasing globalization and technological disruption, it is imperative that policymakers and regulators work together to create a regulatory framework that is adaptable, effective, and supportive of innovation. The Blockchain Association’s priorities are a crucial step towards achieving this goal, and we look forward to working with the Trump administration to promote a bright future for cryptocurrency and blockchain technology.