More than 65 cryptocurrency organizations are calling on President Donald Trump to bypass Congress and order federal agencies to immediately clarify digital asset regulations, as impatience grows over the pace of legislative reform.
in letter Key industry players, including Coinbase, Uniswap Labs, Blockchain Association, and Solana Foundation, sent a letter to the White House outlining specific actions the Securities and Exchange Commission, Commodity Futures Trading Commission, Treasury Department, and Department of Justice could take without new legislation.
Aiming for a change in direction through a coordinated push President Trump’s support for virtual currency on concrete proxy actionwill use executive power to push through one of the most sweeping crypto policy changes to date.
The letter acknowledges the Trump administration’s victory. Disabling IRS broker rules and Passage of the GENIUS ActRegulatory framework for stable coin.
Despite these moves, the letter says more can be accomplished through executive action to make the United States the “crypto capital of the world.”
Regarding tax policy, the letter asks the Treasury Department to issue guidance that treats staking and mining rewards as “self-generated assets that are taxable upon disposal” rather than immediately taxable income.
It also seeks clarification that bridging, wrapping, and cross-chain transactions are tax-exempt events, and calls for a minimum tax regime that excludes purchase profits up to $600.
To provide regulatory clarity, the signatories are asking the SEC’s Cryptographic Task Force to provide interim guidance clarifying that developers of permissionless protocols with available sources will be protected from enforcement during rulemaking.
above DeFi The industry is calling for updated FinCEN guidance confirming that the Bank Secrecy Act does not apply to non-custodial blockchain software, consistent with the agency’s 2019 stance on cryptocurrencies.
Notably, the letter asks the Department of Justice to dismiss charges against Roman Storm, the developer of the coin mixer Tornado Cash. was convicted of a crime In August, it charged a conspiracy to operate an unlicensed money transfer machine, and “admitted that Mr. Storm’s work with Tornado Cash amounted to the release of open source software rather than financial crime.”
This call comes as the crypto community faces similar concerns about Samurai Wallet developers. sentenced to imprisonment For privacy-focused software efforts.
Daniel Liu, CEO of Republic Technologies, said: decryption He supported calls for clarity, but warned: “It is far more important for regulators to proceed methodically and get it right than to act too hastily and risk further confusion.”
He added: “As long as the actions taken by any institution are clearly defined, individual countries cannot be expected to challenge or divide the framework.”
The letter comes as President Trump’s CFTC nominee Mike Selig advances toward Senate confirmation following a hearing Wednesday in which he declined to commit to expanding the agency’s resources despite being expected to be responsible for overseeing cryptocurrencies.
The push for executive action gained momentum on Monday when proposed Treasury regulations on international virtual currency tax reporting were delivered to the White House for review.
This rule allows the IRS to: get information It can gain information about Americans’ overseas crypto accounts by joining the Cryptoasset Reporting Framework, a global agreement in which countries automatically share information about their citizens’ crypto holdings to combat tax evasion.
Myriad Markets user sentiment shows low support for Trump’s performance as the 45th president, with only 44% of traders betting he will do a good job.
Myriad is owned by Dastan, Decrypt’s parent company.
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