Blockchain Association seeks Trump’s replacement of SEC, IRS, and Treasury leaders
The Blockchain Association, a nonprofit representing crypto and blockchain businesses in the U.S., recently sent a letter to president-elect Donald Trump and Congress. Signed by Blockchain Association CEO Kristin Smith, the letter outlined five priorities for the first 100 days of Trump’s administration.
Despite the widespread calls within the crypto industry for the replacement of U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler, Smith believes that isn’t enough. She emphasized the need for an overhaul of leadership at the Internal Revenue Service (IRS) and the Treasury Department as well.
While Trump does not have the authority to fire Gensler due to the SEC being an independent agency, Gensler announced earlier this week that he will be stepping down on Jan. 20, 2025, to make way for Trump’s replacement. The letter highlighted concerns about the inconsistent taxation of digital assets and the potential impact of the IRS ‘Broker rule’ introduced in July 2024.
The letter also stressed the importance of the Treasury Department being welcoming to software developers and prioritizing the privacy of U.S. citizens. Smith called for the rollback of the SAB 121 accounting guideline that requires listed companies to include crypto assets in their balance sheets, labeling it as ‘punitive’ and ‘anti-crypto.’
In addition, the letter advocated for the establishment of a ‘fit-for-purpose’ regulatory framework for cryptocurrencies that balances customer protection and innovation. Smith also called for an end to the practice of denying crypto companies access to traditional banking services.
Lastly, the letter recommended the creation of a crypto advisory council by Trump to collaborate with Congress and regulatory bodies. The Blockchain Association believes that smart rules can be established through public and private partnerships.
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