Crypto Law Bar Members Propose Policies for U.S. as Crypto Capital
Practicing members of the crypto law bar have addressed President-Elect Trump, urging him to implement regulatory policies to position the U.S. as the global leader in cryptocurrency.
Key proposals include:
- Supporting U.S.-based businesses by establishing clear regulatory guidelines for token issuance and sales.
- Advocating for comprehensive legislation on stablecoins, currently valued over $200 billion, to ensure transparency and financial stability.
- Encouraging integration of traditional finance with crypto through safe custody services and tokenization of securities.
- Promoting decentralized finance (DeFi) while ensuring regulations do not stifle innovation.
Policy Recommendations
- Regulatory policy should respect crypto values like privacy and decentralization.
- Self-custody wallets should not face the same burdens as financial intermediaries.
- Tax treatment for miners and validators needs reform to align with traditional asset management.
- Address issues of de-banking faced by crypto companies through directives to relevant agencies.
- Revise SEC practices to foster constructive engagement with the crypto sector and focus on fraud prevention.
- Roll back punitive tax rules that drive talent abroad and create uncertainty in compliance.
- Simplify registration and reporting processes for digital asset offerings.
The letter emphasizes the urgent need for the U.S. to assert its regulatory leadership in the digital asset ecosystem to enhance economic prosperity and uphold American values.