Dear President-Elect Trump,

In your keynote address at the Bitcoin conference in Nashville last year, you pledged to make the United States the crypto capital of the world if re-elected for a second term. As you return to the presidential office this Monday, we write to you as practicing members of the crypto law bar to recommend regulatory policies that will help you to achieve that goal.

The United States, which rests on the same foundation of personal liberty as crypto, is naturally positioned to lead the world in its development. Unfortunately, U.S. regulators have until now refused to adapt existing laws to digital assets and the blockchains that underpin them (or even to explain why not), and created an unfavorable business environment that has driven many entrepreneurs and developers abroad.

To unleash American ingenuity and remedy this neglect of the blockchain industry, we propose that you pursue the below forward-looking policies across three areas: supporting U.S. companies; promoting crypto values such as privacy, disintermediation, and decentralization; and cultivating a favorable business environment domestically.

Supporting U.S.-Based Businesses

The crypto industry has produced a range of established and emerging use-cases, including digital gold, stablecoins, permissionless payments, decentralized finance, real world assets, decentralized physical infrastructure (DePIN), and many more. Many of them are being responsibly advanced in the United States by businesses such as Coinbase, Circle and Consensys, and by developers contributing to crypto’s open-source, decentralized infrastructure. To continue competing against their international rivals, these parties need clear rules of the road and proper regulatory guidance.

General Rules of the Road

Token issuance and secondary sales, which lie at the h

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Author: Ivo Entchev, Olta Andoni, Stephen Rutenberg, Donna Redel