30s Summary

The Blockchain Association has sent a letter to Donald Trump asking for regulatory changes to benefit the cryptocurrency and blockchain industries. The association has proposed a five-step plan, which includes a new framework for digital assets, ending the punishment of crypto businesses, a new SEC chair to revoke law SAB 121, new leaders for the Treasury and IRS, and the creation of a crypto advisory council. The Association believe these steps will foster innovation and provide consumer protection. There is speculation that an official White House position specifically for regulating cryptocurrency may be created.

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The Blockchain Association, based in Washington, DC, sent a letter to Donald Trump on Nov 22, asking him to make changes to laws about cryptocurrency and blockchain during his first 100 days in office.

This letter is posted on the Association’s website. It gives a five-step plan for what Trump’s administration should do first.

The Blockchain Association wants the Republican party to change how federal government oversees the cryptocurrency and blockchain industry. They hope this can help the industry grow.

“For many years, American pioneers in crypto have been attacked and sometimes even pushed abroad by unfriendly laws,” says the Association. They believe Trump can change this.

The five-step plan in the letter explains how to change laws about crypto. However, it doesn’t say how Trump will deal with a possibly conflicted Congress and other challenges that may stop him from making big changes in his first 100 days.

The first point in their plan is for a new framework for digital assets. This should encourage innovation while protecting consumers. In a related social media post, the group said Trump should end the U.S. government’s tactic of regulating via punishment.

Other points in the plan ask Trump to stop withdrawing support to crypto businesses. They also want a new SEC chair who will revoke SAB 121, an SEC rule that is often seen as anti-crypto by those in the industry.

Next, the group suggests new leaders for both the Treasury and IRS. As previously stated, Trump might be thinking about Cantor Fitzgerald CEO Howard Lutnick and Key Square Group founder Scott Bessent for the Treasury Secretary position.

Lutnick has since been picked to be the Secretary of Commerce, if approved. Trump may now be broadening his search for a new Treasurer. It was reported on Nov. 22 that he was thinking about ex-Federal Reserve Board member Kevin Warsh for the position.

According to the report, if chosen, Warsh would be Secretary of the Treasury until 2026. After that, he could take over Jerome Powell’s role as Federal Reserve chair.

Last but not least, the Association suggests setting up a crypto advisory council to work with Congress and federal regulatory agencies.

Recent news states, Trump’s team is already considering making an official White House position specifically for regulating cryptocurrency.