The letter calls for tax clarity, leeway for financial and DeFi regulations, as well as developer neutrality.
Over 65 crypto companies and organizations sent out a letter to the US President Donald Trump. The message to the White House called for clarity on multiple aspects of crypto activity.
Major crypto organizations and smaller startups joined forces to call out to the White House for better coordination and clarity on applying crypto and financial regulations. Industry representatives focused on several fields, including DeFi, taxation, privacy, and developer protection.
“As Congress continues its work, your Administration is engaged in significant efforts behind the scenes. As the President’s Working Group on Digital Asset Markets identified, there are other steps that can be taken by the Administration that deliver quick wins to complement legislative efforts,” wrote the signatories.
Despite the emergence of more liberal regulations for stablecoins and general crypto usage and token creation, there are still gray areas and a need for coordination, commented the industry representatives.
Solana Policy Institute was the leader of the signatories. The letter also involved top crypto companies from the Ethereum, Solana, and other ecosystems, including the ZCash Foundation. The organizations are involved with trading platforms, Web3, DEX aggregation, and infrastructure.
Crypto companies present four main points to the White House
The letter contained four main points, with multiple requests to specific agencies. The major point concerned crypto taxation, where the largest number of agencies was potentially involved.
The crypto industry also called for financial innovation, with easier access and clearer rules. The third point concerned US-based DeFi developments, which could combine decentralized access with no concerns of breaking SEC rules or becoming the target of regulators.
The fourth point concerned developer protection against prosecution, with calls to the Department of Justice for more clarity.
Crypto representatives are attempting to engage the Securities and Exchange Commission, the IRS, the Commodity Futures Trading Commission (CFTC), as well as the National Economic Council, the Treasury, and the Consumer Financial Protection Bureau.
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The USA remains the most influential market for crypto innovation, investment, and trading.
US-based traders make up over 50% of Binance visits, with increased activity in the past few months. US-based traders are still using some DeFi products with no regulatory frameworks, getting exposed to international risk.
The industry letter also called for the SEC Crypto Task Force to coordinate with the Divisions of Corporation Finance, Investment Management, and Trading and Markets and issue interim guidance for the developers of DeFi protocols.
The signatories called for no action and exemptive relief to avoid the prosecution of developers or front-end sites. The letter aims to address the regulatory uncertainty for DEX and DeFi protocols, upholding the neutrality of code.
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