Over 65 encryption companies, including Uniswap, urge Trump to bypass Congress and directly instruct agencies to clarify encryption regulatory rules.

Due to growing dissatisfaction with the slow progress of legislative reform, over 65 crypto asset organizations are urging President Donald Trump to bypass Congress and directly order federal agencies to clarify digital asset regulatory guidelines immediately. In a letter to the White House, major industry players including Coinbase, Uniswap Labs, Blockchain Association, and Solana Foundation outlined specific actions that the SEC, CFTC, Treasury Department, and Department of Justice can take without new legislation.

This joint action aims to translate Trump’s support for Crypto Assets into concrete institutional actions, using executive power to promote one of the most far-reaching shifts in cryptocurrency policy to date.

The letter acknowledges the achievements of the Trump administration, including the repeal of the IRS broker rule and the passage of the stablecoin regulatory framework known as the GENIUS Act. Despite these advancements, the letter notes that more can still be achieved through executive action to make the United States the “crypto assets capital of the world.”

In terms of tax policy, the letter urges the Treasury Department to issue guidance that treats staking and mining rewards as “self-created property taxed upon disposal,” rather than as income subject to immediate taxation. The letter also calls for clarification that bridging transactions, wrapping transactions, and cross-chain transactions are tax-exempt events, and seeks to establish minimum tax rules to exempt tax on gains from purchases below 600 dollars.

In terms of regulation, the signatories hope that the U.S. Securities and Exchange Commission (SEC) will provide interim guidance for the crypto assets working group, clarifying that developers with “open source, permissionless agreements” are exempt from enforcement during the rule-making process.

In terms of protecting decentralized finance (DeFi), the industry is calling for the Financial Crimes Enforcement Network (FinCEN) to update its guidance to clarify that the Bank Secrecy Act does not apply to non-custodial Blockchain software, which is consistent with the agency's position on virtual currency in 2019.

It is worth noting that this letter urges the Department of Justice to withdraw the charges against Roman Storm, the developer of the coin mixer Tornado Cash. Storm was convicted in August of conspiracy to operate an unlicensed money transmitting business, “because Storm's work on Tornado Cash represents the release of open-source software, not financial crime.” (Decrypt)