Crypto spent big on the election — now they're outlining the 'payout they’re looking for'
NOTUS reporter Claire Heddles on Tuesday flagged a new "industry association letter" from the cryptocurrency industry to President-elect Donald Trump and Congress, which discusses their expectations for the future.
As Heddles notes, the crypto industry was the largest donor group in the 2024 election. Fairshake, along with affiliated PACs Protect Progress and Defend American Jobs, spent a combined $266,422,634.28, according to recent campaign finance reports.
In the letter from Blowchain and Associates, the group lists its demands "during your first 100 days," saying that "there are five immediate steps that can be taken to support the domestic digital asset economy."
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Those include "creating a regulatory framework" for cryptocurrency. They also want to stop "the debanking of crypto," a reference to crypto being shut out of "traditional banking rails."
They also want Trump to "appoint a new SEC chair" who would "roll back SAB 121." The SEC, or U.S. Securities and Exchange Commission, published the Staff Accounting Bulletin No. 121 in 2022, which "expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users." It warned consumers of "technological, legal and regulatory risks" that they could face when using cryptocurrency.
Blockchain & Associates asks that the "punitive, anti-crypto accounting guidelines" be fully repealed.
They're also asking for a seat at the table, with a Treasury Department and IRS leadership willing to "treat digital assets" as regular currencies and finally "develop a crypto advisory council to work with Congress and federal regulatory agencies and "engage with your administration directly."