Crypto Industry’s Holiday Wishlist: 5 Key Requests For The White House This Christmas
With the latest conclusion of the federal government shutdown, the crypto trade is seizing the chance to current key regulatory requests to the White House earlier than the 12 months ends.
December guarantees to be a pivotal month for digital belongings, particularly underneath President Donald Trump’s administration, which has proven optimistic momentum in advancing crypto laws.
What The Crypto Industry Wants
In a letter launched on Thursday, November 20, the Solana Policy Institute urged fast motion from the Treasury and the Internal Revenue Service (IRS) on a number of coverage initiatives, putting the Institute on the forefront of this push.
The letter highlights that as Congress continues its legislative work, President Trump’s administration is able to implementing important modifications that might present fast victories for the trade.
Among the first requests outlined within the letter is the necessity for tax readability. The trade is in search of complete steering on varied technical points, together with staking, mining, airdrops, cross-chain transactions, collateral pledging, and charitable donations.
Specifically, the crypto sector is advocating for clearer tax laws that stop taxation on unrealized revenue, selling alignment of tax guidelines with financial realities.
There’s a push for the Treasury Department to supply revisions that outline staking and mining rewards as property taxed upon disposition, drawing from established tax rules governing asset gross sales.
Another essential request focuses on regulatory certainty. The trade is asking for outlined guidelines that might help builders, decentralized finance (DeFi) protocols, and self-custody of digital belongings. The request contains provisions for no-action reduction and protected harbors inside present regulatory frameworks.
The letter additionally emphasizes the necessity for DeFi safety and innovation. It requires up to date steering from the Financial Crimes Enforcement Network (FinCEN) and sturdy (*5*) to foster a thriving decentralized venture ecosystem within the US.
Additionally, there’s a proposal for the IRS to make clear that blockchain-related actions, equivalent to cryptographic engineering and good contract improvement, ought to qualify for analysis and improvement tax credit.
SEC’s Token Safe Harbor Framework Cited As Model
Another key level within the letter pertains to calling for justice for Tornado Cash developer Roman Storm, urging the Department of Justice to drop costs towards him.
The signatories argue that such a transfer would reaffirm the Administration’s dedication to defending builders and acknowledge that the publication of open-source software is a type of speech protected underneath the First Amendment.
Furthermore, the letter articulates requests for enhancing US software program improvement by advocating for the adoption of protected harbors and regulatory sandboxes for DeFi initiatives and builders.
This would allow the launch of tokens and protocols, thus fostering digital asset innovation via the creation of user-friendly net interfaces. The trade references SEC Commissioner Hester Peirce’s Token Safe Harbor Framework as a mannequin for such proposals.
In addition to those requests, anticipation is constructing across the forthcoming Market Structure invoice, which goals to offer enhanced readability within the digital asset panorama.
Markup classes for this essential laws are reportedly scheduled for early December, indicating that important developments could also be imminent because the 12 months attracts to an in depth.
Featured picture from DALL-E, chart from TradingView.com
