More than sixty-five cryptocurrency and blockchain companies have asked President Donald Trump to use executive authority to clarify digital asset regulations instead of waiting for Congress to act.
The Solana
Their letter to the White House lists actions federal agencies such as the SEC, CFTC, Treasury, and Justice Department could take without new laws.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Hot VS Cold Wallet: Which One Do YOU Need? (Animated)
The message praises the administration for reversing the IRS Broker Rule and approving the GENIUS Act, which created rules for stablecoins. However, the writers noted that faster progress is needed to make the US a leading center for digital assets.
On taxes, they want the Treasury to explain that staking and mining rewards should be treated as “self-created property” and taxed only when sold, not when earned. They also request clear confirmation that activities such as wrapping, bridging, and cross-chain transfers do not trigger taxes.
The letter also urges the SEC’s Crypto Task Force to issue temporary guidance to ensure that developers who build “open, permissionless protocols” are not targeted by enforcement while new rules are being written.
The industry is also asking the Financial Crimes Enforcement Network to restate that the Bank Secrecy Act does not apply to software that does not hold user funds.
Finally, the signers call on the Justice Department to drop its case against Roman Storm, a Tornado Cash developer found guilty of running an unlicensed money-transfer service.
Meanwhile, Trump is preparing an executive order that would stop states like California from setting their own rules for artificial intelligence (AI). What does the proposal include? Read the full story.
