Here is the English translation of the text, with the specified terms preserved: The crypto legal community has proposed concrete measures that the new Trump administration can take to create the best environment for the development of cryptocurrencies. Key points: - Over 20 lawyers working in the crypto industry have jointly written an open letter outlining the measures the new Trump administration can take to create a legal environment favorable for the development of cryptocurrencies. - This letter, exclusively published by CoinDesk, covers the regulation by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), potential legislation regarding stablecoins and Decentralized Finance (DeFi), as well as recommendations for tax cuts and reducing red tape. Dear President-elect Trump: In your keynote speech at the Bitcoin Conference in Nashville last year, you promised to make America the global center for Crypto if re-elected. As you return to the presidency this week, we, the practitioners in the crypto legal field, write to you with policy recommendations to help achieve this goal. America's foundation of individual liberty is the basis for Crypto, and thus it is naturally positioned to lead globally in Crypto's development. Unfortunately, U.S. regulators have so far refused to apply existing laws to digital assets and their underlying blockchain technology (without even explaining why), creating an adverse business environment that has driven many entrepreneurs and developers to move overseas. To unleash America's innovative potential and correct this neglect of the blockchain industry, we recommend you pursue forward-looking policies in three key areas: supporting U.S. companies; embracing Crypto's values of privacy, decentralization, and disintermediation; and fostering a favorable domestic business environment. Support U.S. Domestic Companies The Crypto industry has already produced a range of mature and emerging use cases, including digital gold, stablecoins, permissionless payments, DeFi, real-world assets, and Decentralized Physical Infrastructure (DePIN). Many of these applications are being responsibly driven by U.S. companies (like Coinbase, Circle, and ConsenSys) and developers contributing to Crypto's open-source, decentralized infrastructure. To continue competing with international rivals, these participants need clear rules and appropriate regulatory guidance. The Baseline Rules of the Road Token issuance and secondary market sales are the core of the Crypto economy, yet they face a confusing and overlapping regulatory jurisdiction between the SEC and CFTC. Market structure legislation should clearly delineate the primary regulator's jurisdiction and when assets enter or exit that jurisdiction. On this, Congress should avoid over-applying the U.S. securities laws like the SEC has done. Tokens driven by open-source software and consensus mechanisms, and with minimal reliance on centralized counterparties, should not be treated as securities, as token holders lack the legal relationship with an "issuer" understood by securities laws. Similarly, art-based Non-Fungible Tokens (NFTs) (merely digital art pieces) and non-investment activities (like staking and lending Bitcoin) should also be exempt from securities regulation. Congress should act boldly. This means unencumbered by prior legislative efforts, like the FIT21, which were shaped by an earlier political environment but whose consequences may not have materialized as intended. It also means drawing on other countries' regulatory experiences, like the EU's MiCA framework, while avoiding its pitfalls to chart a unique and fearless path for America. Specific Industries Beyond advocating for general rules, your administration should also urge Congress and relevant agencies to take action on specific industries, as they are strategically important to the Crypto industry and the nation. Stablecoins. Stablecoins, with a current market cap exceeding $200 billion, are the lifeblood of the digital asset ecosystem. As stablecoins gain recognition under frameworks like the Stablecoin TRUST Act and state regulators, they should receive comprehensive legislative support to ensure transparency in their issuance and management, avoiding threats to financial stability. Beyond benefiting consumers, regulatory support for stablecoins also serves national interests. Similar to the Euro-Dollar, the typically dollar-denominated stablecoins further cement the dollar's status as the global reserve currency and increase demand for U.S. Treasuries, which issuers hold as reserves. Traditional Finance Integration. The unprecedented success of Bitcoin and Ethereum ETFs demonstrates that Crypto is beginning to integrate with traditional finance. Regulatory policy should ensure this integration happens in a secure and orderly manner by providing consumers with trusted custodial services. This requires amending or repealing biased SEC accounting guidance (like SAB 121) and custody rules. But it should not stop there. Innovation-friendly policies should also promote the tokenization of securities representing traditional financial assets (like stocks, bonds, or real estate) as blockchain-based tokens. The benefits include increased liquidity, fractional ownership, and faster settlement, which will strengthen the U.S. capital markets and ensure they remain the world's most developed and innovative. Decentralized Finance (DeFi). DeFi has the potential to modernize the global financial system and return value to ordinary Americans by removing costly financial intermediaries. You should not let entrenched interests and panic-mongering prevent America from becoming the global leader in DeFi. In this regard, regulation targeting centralized participants (like exchanges and issuers) must be carefully crafted to avoid inadvertently crippling the still-nascent DeFi ecosystem. Promote Innovation by Embracing Crypto's Values To drive Crypto innovation, regulatory policy must respect Crypto's values, including privacy, disintermediation, and decentralization. This commitment yields two key regulatory principles. First, regulation should not impose more burdens on Crypto than on traditional similar assets. Second, regulation should evolve where traditional similar assets are lacking. When Should Crypto Be Treated the Same as Traditional Assets and Tools The first principle impacts products like self-custody wallets, which allow users to hold and manage their own private keys. Since these tools are analogous to physical wallets used for personal asset management, they should not be treated as different tools - that is, they should not be subject to greater regulatory monitoring and oversight as financial intermediaries. Just as you don't need to complete KYC before putting cash in a physical wallet, storing Crypto in a digital wallet should be the same. Similar logic applies to the tax treatment of block rewards. U.S. miners or blockchain transaction validators are creating new property, just as farmers grow crops in their fields. Yet the IRS currently taxes their income. This differential treatment should be eliminated. When Should Crypto Be Treated Differently The second principle requires regulators to resist shoehorning Crypto participants and activities into traditional frameworks incompatible with Crypto. Doing so not only harms the Crypto ecosystem but also drives the industry overseas, undermining the rule of law. Regrettably, many U.S. regulators have already embarked on this path. The IRS has begun treating Crypto front-ends as "brokers" without statutory authorization. The Department of Justice has started prosecuting non-custodial wallet developers for unlicensed money transmission, despite long-standing policies to the contrary. And the U.S. Treasury sanctioned the Tornado Cash smart contract, even though it was neither a foreign person nor property, but merely code (a court has since overturned this sanction). We do not deny the importance of the government interests (tax evasion, money laundering, and national security) involved in these cases, but we believe the government's approach in each case is wrong as a matter of innovation policy, and we encourage your administration to reverse course.

Here is the English translation:

We propose that regulatory authorities should cooperate with this new technological paradigm and our industry, rather than regulate digital assets and blockchain companies like traditional companies. For example, if government monitoring (KYC) does have legitimacy in certain decentralized environments, regulatory authorities can leverage cross-protocol portable blockchain credentials, empower users to control their data (a key advantage of the Web3 architecture), and remain consistent with the frictionless blockchain ecosystem. Similarly, regulatory authorities can leverage the programmability of tokens and smart contracts to exclude sanctioned parties from certain parts of the crypto economy.

Attract top talent by creating a favorable business environment

To become the destination of choice for top crypto talent, the United States must cultivate a conducive business environment. Your government can start this process on day one.

End the de-banking of crypto companies. Your government should direct the FDIC (Federal Deposit Insurance Corporation) and all agencies involved in "Operation Choke Point 2.0" to immediately cease their unaccountable de-banking campaign against the crypto industry.

Improve the SEC's rulemaking and enforcement. You should direct the SEC Chair to comprehensively reform the agency's approach to cryptocurrencies. Over the past four years, the SEC has repeatedly overstepped its authority, pursuing conscientious industry leaders like Coinbase and ConsenSys, regulating individual developers and users (redefining rules in their exchanges), and taking enforcement actions against wallet providers. It is time to correct this harmful practice, have the SEC start constructive engagement with the crypto industry, and shift its focus to preventing fraud, rather than suppressing financial speculation, which is beneficial for innovation.

Repeal punitive tax rules. Your government should repeal the punitive tax rules that drive entrepreneurs and developers overseas, while creating uncertainty for well-intentioned taxpayers on how to calculate their tax liabilities. Some simple and straightforward improvements include: adopting current expense treatment for software development; providing tax deferral for staking rewards and airdrops; creating a safe harbor for small-value consumption transactions (e.g., under $5,000); offering a mark-to-market election for crypto investors; and repealing the IRS reporting provision that treats websites as brokers. Congress should also repeal the amendment to Section 6050I, which imposes onerous (and potentially unconstitutional) reporting requirements on crypto transactions exceeding $10,000.

Reduce unnecessary red tape. Consistent with the mission of the Department of Government Efficiency (D.O.G.E.), we urge your office to work with Congress and government agencies to reduce the unnecessary red tape burdening the cryptocurrency and fintech industries. This includes simplifying or eliminating registration and reporting requirements for digital asset issuances that meet certain conditions, including providing necessary investor disclosures. Congress should also consider legislating a unified federal money transmission licensing framework to bring clarity and efficiency to the broader fintech ecosystem.

As you advance these forward-looking policies, we encourage your government to consult with industry leaders and remain sensitive to the cross-border nature of the digital asset ecosystem. (We believe your establishment of a Cryptocurrency Council is a positive step in this direction.) We also suggest leveraging tools like regulatory sandboxes to mitigate the risk of unintended regulatory consequences.

Now is the best time for the United States to begin exercising global regulatory leadership. By ensuring this, your government will contribute to the future economic prosperity of the nation and support a technology grounded in the deep American values of freedom. You should seize this opportunity.

Sincerely