Crypto summer – How many millionaires will there be this time?

The crypto sector is experiencing a real boost following Donald Trump's re-election as president. Bitcoin has led the way, and now the altcoins are following suit. The mood is reminiscent of the two memorable years of 2017 and 2018. A beautiful crypto spring. Will it be followed by a long, hot summer?

The Blockchain Association is seizing its chance and making five demands of President-elect Trump to ensure that it really is a very long, hot crypto summer.

The crypto industry has these five demands for Donald Trump

The Blockchain Association has clear expectations of the new US administration and is addressing five key demands to President Trump. The aim is to create a positive environment for the crypto industry, promote innovation and make the US market globally competitive.

Consistent regulation for cryptocurrencies

The Blockchain Association is calling for a comprehensive and unified regulatory framework for digital assets. This should not only promote innovation, but also ensure consumer protection. The basis for this should be created in close cooperation with Congress. The regulation of stablecoins is a particular focus here. A bipartisan initiative could strengthen the US market and create more clarity for companies and investors – something that has been sorely lacking under Gary Gensler's leadership at the SEC.

End to ‘debanking’ practices

One of the key concerns is full access for the crypto industry to traditional banking services. Currently, many companies and users suffer from so-called ‘debanking’ practices, in which banks deny crypto companies access. The Blockchain Association calls for these barriers to be removed. Access to banking services is essential to pay salaries, file taxes or move fiat money into the crypto market. Such restrictions hinder the integration of the crypto industry into the financial system and create unnecessary hurdles.

New SEC leadership and withdrawal of strict guidelines

The Association is committed to a realignment of the SEC, including a new chair and the withdrawal of the controversial SAB 121 guidelines. These regulations, which place high accounting demands on crypto companies, are criticised as hindering innovation. With a new SEC chair, the industry hopes for more transparency, fairness and a cooperative approach. Gary Gensler's resignation, which had already been announced at the time Trump took office, is seen as the first chance for a fresh start.

Tax policy reform

The Blockchain Association is also calling for changes in the area of tax policy. The current treatment of digital assets by the Treasury and the IRS is seen as inconsistent and hostile to innovation. In particular, the ‘Broker Rule’ is criticised because it forces many companies and projects abroad. The association is pushing for a policy that protects the privacy of citizens while promoting a business-friendly environment.

Establishment of a crypto advisory board

Finally, the Blockchain Association is calling for the establishment of a crypto advisory board to work closely with Congress and federal agencies. The aim is to develop practice-oriented regulations that take into account the interests of the crypto industry and consumer protection in equal measure. The advisory board should also promote a strategic Bitcoin reserve – a proposal that has already received initial support, according to Reuters.

We can well imagine that the crypto industry has never had a better chance of getting its demands met. However, the crypto boom is not limited to the US. All over the world, investors are once again turning their attention to Bitcoin and other cryptocurrencies. How many millionaires will there be this time?

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