Crypto Firms Urge Trump to Accelerate Digital Asset Regulations
The cryptocurrency industry is calling on former U.S. President Donald Trump to use executive authority to expedite regulatory clarity in the rapidly evolving digital asset space. More than 65 leading crypto organizations, including Coinbase, Uniswap Labs, the Blockchain Association, and the Solana Foundation, have sent a strong message to the White House demanding immediate action. The letter outlines actionable steps federal agencies can take without requiring new laws from Congress.
Driving Regulatory Clarity Without Waiting on Congress
In their appeal, the crypto leaders outlined key areas where federal agencies—including the SEC, CFTC, Treasury Department, and Justice Department—can act autonomously to provide clarity. The letter emphasized leveraging Trump’s known crypto-friendly stance to establish the U.S. as the leader in blockchain innovation. Among the measures proposed are:
- Guidance from the Treasury to tax staking and mining rewards as “self-created property taxed upon disposition” rather than as immediate income.
- Clarification that bridging, wrapping, and cross-chain transactions should not be considered taxable events.
- Encouragement for de minimis rules excluding crypto gains on purchases under $600.
The letter also requests safe harbor protections for decentralized finance (DeFi) developers. Developers using open-source, permissionless protocols—and not engaging in custodial activities—could potentially receive enforcement immunity during active rulemaking periods. Furthermore, the industry leaders seek to shield non-custodial blockchain software projects from financial crime accusations under the Bank Secrecy Act.
Appeals for Justice in the Tornado Cash Case
A particularly high-profile request in the letter pertains to Roman Storm, the developer behind the Tornado Cash privacy tool. The letter advocates for a dismissal of his charges, arguing that his work reflects the publication of open-source software rather than any criminal intent. This plea comes amid increasing scrutiny on privacy-focused blockchain developers, including verdicts against Samourai Wallet’s creators.
Progress in Crypto Policy: A Mixed Landscape
While the Trump administration made regulatory strides through measures like the GENIUS Act and the repeal of the IRS Broker Rule, experts and crypto advocates argue that more substantial changes via executive orders could propel U.S. dominance in the blockchain ecosystem. For example, former CFTC nominee Mike Selig’s hearings signal room for expanded oversight, though clarity remains paramount to satisfy stakeholders.
How Does This Affect You?
For industry players and enthusiasts, clearer regulatory guidance means reduced confusion, simpler tax compliance, and potentially accelerated adoption of blockchain technologies in everyday transactions. Tighter regulations could also impact how digital assets like Bitcoin, Ethereum, and emerging DeFi tokens are traded globally.
Looking to stay updated on crypto tax solutions? Consider exploring financial management tools like Koinly, a popular crypto tax software designed for tracking gains and preparing tax filings in accordance with emerging regulations.
The Road Ahead
The call from the cryptocurrency industry reflects widespread impatience with the slow pace of legislative action on digital assets. As global frameworks for crypto reporting find their way into the U.S. tax system, clarity in this space is no longer a luxury but a necessity. Whether through executive power or comprehensive legislation, the eyes of the blockchain world remain fixed on the U.S. for leadership in this transformative financial frontier.
