Crypto Firms Unite to Call for Regulatory Clarity
A coalition of over 65 prominent crypto firms, led by the Solana Policy Institute, has sent a letter to US President Donald Trump, urging him to take immediate executive action to clarify digital asset regulations and implement crypto-friendly tax and enforcement policies. The move is aimed at ensuring the United States remains a hub for innovation and investment in the crypto space.
The letter, signed by industry leaders such as Coinbase, Uniswap Labs, and Exodus, among others, emphasizes the need for federal agencies to take targeted actions without waiting for new legislation from Congress. The coalition’s recommendations are based on the President’s Working Group on Digital Assets report released earlier this year.
The coalition has outlined several key areas that require immediate attention, including the taxation of staking and mining rewards, the introduction of a “de minimis tax regime,” and the establishment of clear definitions for activities such as bridging and packaging of tokens. They have also called for stronger protections for developers, particularly in light of recent verdicts against Samourai Wallet developers and Tornado Cash developer Roman Storm.
Key Demands and Recommendations
The letter calls on the Justice Department to drop charges against Roman Storm, recognizing that his work on Tornado Cash constituted the release of open-source software, not a financial crime. The coalition has also asked the President to encourage the SEC’s Crypto Task Force to issue interim guidance, clarifying that developers of source-available, permissionless protocols and front-ends are not subject to enforcement while related rulemaking advances.
Furthermore, the coalition has requested greater interagency coordination to streamline cryptocurrency regulation across federal departments, creating consistent expectations for both developers and users. They want the SEC and the Commodity Futures Trading Commission to publicly reiterate their support for self-custody and grant exemptions for digital assets and DeFi technology.
Additional Agendas and Recommendations
The letter also calls for an update to FinCEN’s guidance, clarifying that the Bank Secrecy Act does not apply to non-custodial blockchain software. The coalition is urging the Treasury Department to abandon a proposed measure targeting crypto mixers as a major money laundering concern. By addressing these key areas, the coalition believes that the US can maintain its position as a leader in the global crypto industry.
For more information on the coalition’s letter and the current state of crypto regulations, visit https://crypto.news/crypto-firms-call-for-immedeate-regulatory-clarity-in-letter-to-president-donald-trump/
