Blockchain Association Calls for Urgent Cryptocurrency Regulation in the U.S.

U.S. Blockchain Association Advocates for Cryptocurrency Priorities

In a recent development highlighted by Foresight News, the U.S. Blockchain Association has reached out to President-elect Trump and the incoming Congress, presenting a letter that represents the interests of nearly 100 of its members. This proactive initiative underscores the pressing need for the cryptocurrency sector to secure legislative attention during the critical first 100 days of the new administration.

Establishing a Regulatory Framework

The letter from the Blockchain Association emphasizes the urgency of establishing a comprehensive regulatory framework for cryptocurrencies. This framework is anticipated to provide much-needed clarity and stability within an industry that has, to date, been burdened with regulatory uncertainties. By fostering an environment of regulatory certainty, the association believes that businesses can thrive and innovate without the threat of sudden legal changes.

Ending Debanking Practices

Another significant concern raised in the communication is the practice of debanking cryptocurrency and blockchain technology companies. The association calls for an end to this practice, which has posed substantial challenges for the growth and development of the sector. The debanking of legitimate cryptocurrency entities often stifles innovation and drives these companies to operate in less regulated environments.

Leadership Changes at Key Regulatory Agencies

The Blockchain Association is also advocating for new leadership within key regulatory agencies, specifically calling for the appointment of a new chairman for the Securities and Exchange Commission (SEC). Additionally, they seek the revocation of SAB 121, a regulation that has sparked significant debate within the cryptocurrency community.

Moreover, the association points to the necessity for refreshed leadership at the Treasury Department and the Internal Revenue Service (IRS) to ensure that these bodies align with the evolving digital currency landscape.

Formation of a Cryptocurrency Advisory Committee

To facilitate ongoing dialogue and cooperation, the Blockchain Association proposes the establishment of a cryptocurrency advisory committee. This initiative aims to bridge the gap between Congress, federal regulators, and industry stakeholders. Such a committee would play a critical role in ensuring that the concerns and interests of the cryptocurrency community are adequately represented in policy discussions, fostering a collaborative approach to regulation.

Conclusion

The letter from the Blockchain Association indicates a significant shift in recognizing the importance of cryptocurrencies and blockchain technology within the modern economy. Addressing these outlined priorities is not only beneficial for the industry itself but also positions the U.S. as a potential leader in the global digital currency landscape.