As Donald J. Trump reclaims the reins of the presidency, a consortium of top crypto lawyers has penned an open letter detailing an ambitious roadmap to cement America’s position as the global crypto capital. The plan, delivered exclusively to CoinDesk, lays out bold proposals spanning regulatory reforms, pro-innovation policies, and a steadfast commitment to core crypto values like privacy and decentralization.
Regulatory Overhaul: Clarity, Not Confusion
At the heart of the lawyers’ manifesto is a call for lucid, adaptive regulations that embrace crypto’s unique properties rather than forcing square pegs into round holes. They advocate for:
- Clear jurisdictional boundaries between the SEC and CFTC
- A narrower application of securities laws to tokens
- Learning from global frameworks like the EU’s MiCA while forging a bolder path
Stablecoins, DeFi, and the ongoing fusion of crypto and traditional finance also warrant special attention, the letter argues. Supporting these innovations is framed not just as an economic boon but a geostrategic imperative to preserve the dollar’s primacy and fortify U.S. capital markets.
Fostering Innovation Through Crypto Values
Equally vital, the lawyers stress, is enshrining crypto’s core tenets in any regulatory approach. Self-hosted wallets, for instance, should enjoy the same treatment as physical cash—no onerous KYC required. Punitive tax rules on mining rewards and misguided crackdowns on privacy tools like Tornado Cash must also end, they argue, to avoid stifling innovation and eroding cherished freedoms.
Regrettably, this is the path that many U.S. regulators have chosen. The IRS has begun treating crypto front-ends as ‘brokers’ absent statutory authority… And the U.S. Treasury has sanctioned the smart contract of privacy mixer Tornado Cash even though it is neither a foreign person nor property, but merely code.
Open Letter to President Trump
Cultivating a Crypto-Friendly Business Climate
Beyond calibrating regulations, the Trump administration must foster an attractive environment for crypto companies and talent, the letter implores. Immediate steps could include:
- Halting the de-banking of crypto firms
- Reforming the SEC’s “regulation by enforcement” approach
- Rolling back punitive tax rules on crypto transactions and development
- Reducing red tape through simplified registration for compliant token offerings
Underpinning the entire vision is a collaborative spirit between policymakers and industry, leveraging tools like regulatory sandboxes to safely usher in a new era of American crypto leadership. The ball is now in Trump’s court to transform these ambitious proposals into assertive policy—and secure the nation’s place at the vanguard of the Web3 revolution.
