The Blockchain Association has rolled out an extensive strategy aimed at shaping the cryptocurrency landscape under the incoming Trump administration. Through a detailed correspondence directed to President-elect Donald Trump and Congress, the Association highlighted the pressing regulatory hurdles confronting the crypto industry while advocating for measures that stimulate innovation.
How Will New Regulations Affect the Crypto Sector?
The organization stressed the importance of establishing a transparent regulatory framework for digital currencies. They urged a bipartisan initiative to create market structures and regulations for stablecoins that could enhance innovation and protect consumers.
Can a Crypto Advisory Council Improve Regulations?
Among the Association’s primary aims is to revise the current operations within the Securities and Exchange Commission (SEC) and the Department of Treasury. They raised concerns about the existing regulatory stance led by SEC Chairman Gary Gensler and expressed a desire for a more open and cooperative regulatory environment under new leadership.
- Emphasis on a clear regulatory framework is crucial.
- Access to banking services for crypto firms needs improvement.
- Creation of a crypto advisory council will facilitate better policies.
- A focus on fair tax policies and privacy protections is essential.
Ripple CEO Brad Garlinghouse expressed hope for a more positive regulatory environment under the new administration, contrasting it with the previous administration’s approach. The Blockchain Association’s recommendations aim to bolster America’s position in the global cryptocurrency marketplace and reduce uncertainties in regulation.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
