The Blockchain Association, a Washington, DC-based advocacy group, sent a letter to Donald Trump on November 22, urgently requesting that the President-elect prioritize sweeping regulatory reforms of Bit and Blockchain technology in his first 100 days in office.
This brief letter was shared on the organization's website. It outlines a five-point reform plan for the incoming Trump administration in the first 100 days.
The goal stated by the Blockchain Association is a desire for the Republican party to restructure federal oversight in the areas of Bit and Blockchain to drive development.
"For years, American Bit innovators have been targeted and, in some cases, forced to move overseas by a hostile regulatory regime," the organization wrote, adding:
"Your arrival in Washington, D.C. has the potential to change that reality."
Blockchain Association CEO Kristin Smith comments on X.com. Source: Blockchain Association
Bit reform
The five-point plan outlined in the letter takes a top-down approach to reforming Bit regulation—however, it does not address potential gridlock in Congress and other mitigating factors that could prevent the new president from enacting sweeping changes in the first 100 days.
First, the organization calls for "establishing an appropriate framework for digital assets that encourages innovation while protecting consumers." In a related social media post, the group stated that the Trump administration should end the U.S. government's "enforcement-centric" management approach.
The 2nd and 3rd items on the list call for Trump to stop the debanking of Bit businesses and appoint a new Securities and Exchange Commission (SEC) chair who will "rescind SAB 121"—an SEC Staff Accounting Bulletin often seen by the industry as an anti-Bit action.
Next, the group recommends new leadership at both the Treasury Department and the IRS. As TinTucBitcoin recently reported, Trump is said to be considering Cantor Fitzgerald CEO Howard Lutnick and Key Square Group founder Scott Bessent for the Treasury Secretary position.
Lutnick has since been nominated as Commerce Secretary, pending confirmation.
Trump may be expanding his search for a new financial steward. The Washington Post reported on November 22 that Trump is considering former Federal Reserve Board member Kevin Warsh for the role.
According to the report, if selected, Warsh would serve as Treasury Secretary until 2026 when the term of Federal Reserve Chair Jerome Powell expires, at which point Warsh would step into Powell's vacant seat.
It remains unclear who will lead the IRS under Trump. The current IRS Commissioner, Daniel Werfel, was appointed to a five-year term in 2023. However, Trump may find Congress willing to replace him with Republican control of both the House and Senate.
Finally, the organization calls for the establishment of "a Bit advisory council to work with Congress and federal regulators."
As TinTucBitcoin recently reported, Trump's team has been holding internal discussions about creating an official White House position dedicated to Bit regulation.
