Crypto companies urge Trump to direct agencies on stalled regulatory guidance

More than 65 crypto organizations are calling on President Donald Trump to bypass Congress and order federal agencies to immediately clarify digital asset regulations, amid growing impatience over the pace of regulatory reforms.

In one letter sent to the White House, major industry players including Coinbase, Uniswap Labs, the Blockchain Association and the Solana Foundation outlined specific actions the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Treasury Department and the Justice Department can take without new legislation.

The coordinated push aims to reverse Trump’s pro-crypto stance in concrete agency actionusing executive power to bring about one of the most sweeping changes in crypto policy to date.

The letter recognizes the Trump administration’s victories, including the nullification of the IRS Broker Rule And passage of the GENIUS Acta regulatory framework for it stable coins.

Despite these steps, the letter says more can be accomplished through executive action to make America “the crypto capital of the world.”

In terms of tax policy, the letter urges the Treasury Department to issue guidance treating staking and mining rewards as “self-created property taxable upon disposal” rather than immediate taxable income.

It also calls for clarification that bridge, wrap and cross-chain transactions are non-taxable events and seeks de minimis tax rules that exclude profits on purchases up to $600.

For regulatory clarity, signatories want the SEC’s Crypto Task Force to issue interim guidance clarifying that developers of “source-available, permissionless protocols” will be protected from enforcement during rulemaking.

On DeFi protection, the industry is asking for updated FinCEN guidance confirming that the Bank Secrecy Act does not apply to non-custodial blockchain software, consistent with the agency’s 2019 position on virtual currencies.

Notably, the letter urges the Justice Department to dismiss charges against the developer of the Tornado Cash coin blender, Roman Storm. found guilty of conspiring to operate an unlicensed money transmitter in August, “recognizing that Storm’s work on Tornado Cash represents the publication of open source software – and not a financial crime.”

The call comes as the crypto community faces similar concerns about Samourai Wallet developers, which recently were sentenced to prison for their work on privacy-focused software.

Daniel Liu, CEO of Republic Technologies, shared Declutter he supports the call for clarity, but warned that “it is far more important that regulators move methodically and get it right, rather than move too quickly and risk creating additional confusion.”

“As long as the actions taken by any agency are clearly defined, I would not expect individual states to challenge or fragment the framework,” he added.

The letter arrives as Trump’s CFTC nominee, Mike Selig, heads toward Senate confirmation following Wednesday’s confirmation hearing in which he declined to commit to expanding the agency’s resources despite expected responsibilities for overseeing cryptocurrency.

The push for administrative action gained momentum on Monday when proposed Treasury Department rules regarding international crypto tax reporting reached the White House for review.

The rules would allow the IRS to do that obtain information about Americans’ foreign crypto accounts by joining the Crypto-Asset Reporting Framework, a global agreement under which countries automatically share information about citizens’ crypto holdings to combat tax evasion.

User sentiment on Myriad Markets indicates weak approval for Trump’s performance as the 45th president, with only 44% of traders betting he will do well.

Myriad is owned by Decrypt’s parent company, Dastan.