Crypto Lobbyists Pitching Trump on Getting Things Done During Congress' Uncertainty

As Congress continues to navigate the complexities of cryptocurrency legislation, various industry groups are reaching out to President Trump for support on immediate policy initiatives. This call to action comes as lawmakers struggle to finalize the details of significant market structure legislation, which has become a priority for the crypto sector in Washington.

Crypto groups urge Trump for immediate policy action amid Congress delays

A coalition of crypto organizations, led by the newly formed Solana Policy Institute, has sent a letter to President Trump. This letter emphasizes the need for prompt policy changes that can be implemented without waiting for Congress to finalize its legislative agenda. The groups involved include well-known entities such as the Blockchain Association and the Digital Chamber, all of which are advocating for what they term "quick wins" to bolster the industry.

Letter calls for tax guidance and protections for crypto developers

The letter outlines specific requests directed at the administration, particularly regarding taxation and regulatory protections. One of the key asks is for the Internal Revenue Service (IRS) to clarify that rewards from mining and staking should not be taxed until the assets are sold. Additionally, the groups want assurance that small gains from transactions involving goods or services would not be considered taxable events. Furthermore, the industry is requesting that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) safeguard the right to self-custody crypto assets and refrain from penalizing developers of decentralized finance (DeFi) technologies.

Legislative efforts and crypto advocacy continue despite challenges

Despite the ongoing discussions in Congress, which include talks around the Senate's bill addressing the House's Digital Asset Market Clarity Act, progress has been slow. The industry is facing uncertainty as these legislative efforts have been postponed beyond initial deadlines. Nevertheless, the SEC and CFTC have been active in pursuing various crypto-related policies, indicating a willingness to engage with the industry even amidst legislative gridlock.

Impact on crypto market and future initiatives from the administration

The letter to Trump highlights the unprecedented opportunities that his administration has created for crypto investors and developers. By advocating for a comprehensive government approach to cryptocurrency, the industry believes it can help position the United States as a leader in the global crypto landscape. The request for an end to Department of Justice actions against DeFi developers, particularly following recent prosecutions of crypto mixer developers, underscores the need for a more favorable regulatory environment. As these discussions unfold, the outcome may significantly influence the future of the crypto market and its innovations.