News linked to both this project and an event.
The Blockchain Association has written to U.S. congressional leadership urging Congress to advance bipartisan digital asset tax legislation and launched a website to encourage the public to share their views with lawmakers. The association stated that approximately 67 million Americans hold or use digital assets, and existing tax rules have fallen short of meeting industry needs, thereby increasing compliance burdens for taxpayers. Its five proposed policy principles include: establishing a reasonable de minimis transaction exemption threshold; imposing taxes upon the disposition of assets derived from mining and staking rewards; protecting taxpayer privacy; levying taxes based on economic substance rather than technical form; and implementing well-calibrated wash sale rules that prevent abuse without penalizing the daily transactions of ordinary users.
The Blockchain Association (@BlockchainAssn) posted on the X platform that the association has submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) regarding the proposed Regulation Crypto Assets. Previously, the committee led by SEC Chair Paul Atkins had proposed exemptions for startups and fundraising activities, as well as a safe harbor mechanism to clarify when tokens are no longer considered investment contracts. The main recommendations in the letter include: • Establish clear objective criteria: Provide non-exclusive indicators to determine when an issuer’s core managerial efforts have ended, such as open-sourcing the source code or the absence of an entity capable of unilaterally reviewing transactions. • Link liability to control: Project developers shall only be responsible for areas within their control, excluding third-party applications and community activities; exchanges, liquidity providers, and other entities relying in good faith on SEC filings by projects shall be protected. • Create a safe harbor for existing tokens: Qualified third parties such as trading platforms may file for already-issued tokens, and such filing shall not be construed as acknowledging that the tokens were once securities. • Increase exemption limits: Raise the startup exemption cap to $10 million, excluding airdrops and network rewards from the limit; raise the fundraising exemption cap to $150 million, and allow on-chain transparency to substitute audited financial statements. • Strengthen federal preemption: Satisfy
Odaily Report: The Blockchain Association has submitted a comment letter to the SEC regarding its "crypto asset regulation" proposal, recommending raising the startup exemption cap to $10 million, the fundraising exemption to $150 million (supporting on-chain transparency as an alternative to audits, with airdrops excluded from the count), and establishing a third-party filing safe harbor for existing tokens.The Blockchain Association calls for clear, objective decentralization standards for tokens to shed their "investment contract" status (such as open-source code and the absence of unilateral review rights), while strengthening federal regulatory preemption over state-level legislation, and supporting 24/7 exchange trading and self-custody.
Odaily reports: The Blockchain Association has submitted comments on the U.S. Treasury Department's proposed implementation rules for Section 3 of the GENIUS Act. This provision primarily governs the eligibility of entities issuing and selling payment stablecoins within the United States.The Blockchain Association stated that it supports the core regulatory framework proposed by the Treasury Department in principle, but calls for further clarification of the definition of digital asset service providers, the criteria for determining "knowing participation" conduct, and the compliance requirements for foreign stablecoin issuers, in order to reduce uncertainty during the rule implementation process. (The Block)
The Blockchain Association posted on X, stating that it has submitted a comment letter to the U.S. Treasury (@USTreasury) regarding the proposed implementing regulations for Section 3 of the GENIUS Act. Section 3 addresses who may issue, offer, and sell payment stablecoins in the United States. The association expressed appreciation for the Treasury's implementation efforts but emphasized its hope that the final rules will remain consistent with the original intent of congressional legislation. The association put forth the following key recommendations: 1. Definition of "Digital Asset Service Provider": This definition should apply to client-facing businesses, exclude core infrastructure such as self-custody software and validator nodes, and should not encompass entities that merely trade their own assets. 2. Criminal Liability Standard: Under the proposed rules, routine market-making activities for "newly issued" stablecoins could be construed as "knowing participation" in an illegal issuance. The association recommends restricting liability to cases involving "actual knowledge" and providing "substantial assistance" in coordination with the issuer. 3. Foreign-Issued Stablecoins: The proposed rules require open-ended due diligence on foreign issuers, despite many exchanges having no business relationship with them. The association recommends allowing firms to rely on publicly available lists of registered issuers and trading restrictions already established by Congress. 4. Determination of User Location: On permissionless protocols, companies typically only see wallet addresses. The association proposes replacing the "reasonable belief" standard with "actual knowledge supplemented by information gathered in the ordinary course of business." 5. Other Recommendations: Eliminate open-ended "functional equivalence" tests regarding monetary value, reassess cost estimates, and align the effective date with the GENIUS Act
According to an official press release, the Blockchain Association (BA), Crypto Innovation Council (CCI), Digital Chamber of Commerce (TDC), and Illinois Blockchain Association (IBA), jointly with the State of Illinois, filed a joint motion on October 13 with the Sangamon County Circuit Court to expedite proceedings on two challenges to the Digital Assets Tax Act. The state government has agreed to suspend enforcement of the act until July 1, 2027. The parties propose accelerating the summary judgment process, with a motion filing deadline of November 4, 2026, briefs due by January 22, 2027, hearings scheduled from February 8 to 19, 2027, and a final ruling expected by March 1, 2027. These organizations contend that the tax law’s disparate treatment of digital assets violates federal and Illinois state law, would cause unfair harm to the industry, and sets a harmful precedent.
According to a CoinDesk commentary piece, U.S. SEC Commissioner Hester Peirce concludes her tenure today, having served since 2018. Article author and Blockchain Association Policy Assistant Will Schwartz reviews Peirce's work in digital asset regulation, focusing on her advocacy for financial privacy regulation ahead of her departure. Peirce previously noted at the SIFMA Digital Assets Conference that current financial oversight has long depended on the mass collection and storage of user personal data, while privacy-enhancing technologies like zero-knowledge proofs and verifiable credentials allow users to demonstrate transaction compliance with minimal personal disclosure. She argues that the industry currently lacks a regulatory framework that would permit and incentivize the deployment of these technologies. Schwartz calls for future regulatory regimes to increasingly integrate privacy-enhancing technologies, thereby curbing unnecessary consumer data exposure while still fulfilling law enforcement and compliance mandates.
According to a post by the Blockchain Association (@BlockchainAssn), the Blockchain Association has officially launched the Vaults Workstream, bringing together dozens of leading member organizations including a16z Crypto, Aave, Uniswap, Grayscale, dYdX Foundation, Ethena, Morpho, and Multicoin to participate in Washington-based policy discussions on on-chain finance. As an emerging component of on-chain finance infrastructure, Vaults can provide users with diverse asset exposure, support composable and personalized investment strategies, and offer high flexibility in manual control, governance, and risk management. Members of this workstream will engage directly with the SEC to assist legislators in understanding Vault mechanics and the applicability of existing regulatory frameworks, with the goal of aligning regulatory rules with technological development to ensure the United States maintains its leading position in on-chain financial innovation.
Former CFTC Commissioner Summer Mersinger will step down as CEO of the Blockchain Association on October 16, with Kristin Smith set to return to the role. Her departure comes as the association's core legislative bill faces setbacks on the congressional agenda.
According to CoinDesk, the crypto lobbying group Blockchain Association announced that CEO Summer Mersinger is stepping down, with original founder Kristin Smith assuming the role of interim leader, and the transition to be completed on October 16. This leadership change comes shortly after the industry's Digital Asset Market Clarity Act was rejected by the Senate.
According to CoinDesk, the Crypto Council for Innovation (CCI) and the Blockchain Association filed a motion for a preliminary injunction with an Illinois court on Wednesday, seeking to halt the state's Digital Assets Tax Act before its effective date of January 1, 2027. The tax act was passed on the final day of this year's legislative session, imposing a 0.2% rate on entities headquartered in the state or providing services there with annual gross revenues exceeding $100,000. Both organizations previously sued the bill alongside the Digital Chamber last month, alleging it violates the principle of federal preemption. The filing states that member enterprises have already suffered "irreparable harm" due to the necessity of building compliance systems. CCI CEO Ji Hun Kim stated that businesses are required to spend millions of dollars developing systems for a tax that is unconstitutional and unclear in both scope and timing; Blockchain Association CEO Summer Mersinger stated that since the state cannot collect the relevant taxes during the litigation, "[t]he loss to the state government from waiting is minimal, while the loss to all parties if they continue to proceed would be significant."
Odaily News – The Blockchain Association and the Innovative Crypto Council (CCI) have filed a motion for a preliminary injunction with the Circuit Court of Sangamon County, Illinois, seeking to halt the 0.2% digital asset franchise transaction tax scheduled to take effect on January 1, 2027, during the pendency of litigation. The tax applies to crypto entities established in Illinois or providing services to Illinois residents with annual gross revenues exceeding $100,000. The two lobbying groups had previously sued Illinois over the measure and, together with the Chamber of Digital Commerce, argue that the law violates the federal Internet Tax Freedom Act as well as the Due Process and Interstate Commerce clauses of the U.S. Constitution.
According to an announcement by the Blockchain Association, the organization submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) this week, calling on both agencies to strengthen coordination, clarify regulatory rules for innovative financial products under the existing legal framework, and establish a clear pathway for products such as equity perpetual contracts to enter the compliant U.S. market. The Blockchain Association noted that equity perpetual contracts are currently traded primarily outside the United States, causing the U.S. market to miss out on related price discovery, liquidity, and innovation opportunities. It recommended that regulators maintain the joint securities and futures regulatory framework and apply existing authorities for novel derivatives as appropriate; the new framework should focus on transparency, auditability, market surveillance, client asset protection, financial integrity, and operational resilience. The association stated that persistent regulatory uncertainty is driving liquidity, employment, and market data overseas.
According to The Block, the Blockchain Association has submitted comments on the stablecoin issuer rules under the GENIUS Act, proposed jointly by U.S. Treasury agencies including the Financial Crimes Enforcement Network, the Office of the Comptroller of the Currency, and the Federal Reserve. The association supports limiting Customer Identification Program (CIP) obligations to direct customer transactions in the primary market, emphasizing that they should not extend to peer-to-peer transfers in the secondary market. It also calls on regulators to further clarify the definitions of "account," "customer," and "digital asset service provider," exempt one-time redemptions and other non-recurring activities, and avoid duplicative compliance burdens alongside anti-money laundering regulations. The association stated that the implementation of the rules must strike a balance between ensuring stablecoin security, maintaining operational feasibility, and preserving room for industry innovation.
Odaily News: Digital asset advocacy groups Crypto Council for Innovation (CCI) and the Blockchain Association (BA) have filed a lawsuit against Illinois officials, opposing the state's 0.2% cryptocurrency tax. The tax, expected to take effect in January 2027, is levied on transaction volume rather than income.The two organizations filed the complaint in the Seventh Judicial Circuit Court of Sangamon County, arguing that the tax violates the U.S. Constitution, the Illinois Constitution, federal and state due process laws, and the Internet Tax Freedom Act, and could result in double taxation. The complaint also states that the tax rules are overly vague, placing compliance burdens on residents and brokers while exposing them to civil and criminal penalties.Blockchain Association CEO Summer Mersinger stated that Illinois cannot implement a tax system that discriminates against digital commerce and increases uncertainty for consumers and businesses. The Digital Chamber filed a similar lawsuit in July over the same tax, claiming it discriminates against digital asset traders. (Cointelegraph)
The Crypto Innovation Committee and the Blockchain Association have joined a lawsuit against Illinois' new tax law, alleging it is unconstitutional and discriminatory against digital assets. The 0.2% tax policy is projected to generate $60 million in state revenue but has drawn controversy for being levied on transactions rather than profits.
According to The Block, the Blockchain Association filed an amicus curiae brief on August 13 supporting Custodia Bank's appeal to the U.S. Supreme Court, requesting a review of the legality of the Federal Reserve Bank's refusal of its master account application. The Blockchain Association pointed out that this case concerns whether legitimate digital asset enterprises can compete in a fair environment, and warned that the lower court ruling provides a precedent for federal regulators "to debank unpopular industries in the future without the intervention of state regulators." Custodia Bank was founded by Wall Street veteran Caitlin Long, applied for a Fed master account in October 2020, was rejected by the Federal Reserve Bank of Kansas City in January 2023 on the grounds that the crypto business model posed risks, subsequently lost twice in the district court and the Tenth Circuit Court of Appeals, and was denied rehearing by the full court in a 7 to 3 vote in March 2026. The Federal Reserve Bank of Kansas City must respond to the Supreme Court application by September 11.
Mersinger pointed out that the bill explicitly prohibits the portion of stablecoin holding rewards equivalent to bank deposit interest, but allows reward mechanisms based on user activity, consistent with the credit card points model; regarding DeFi regulation, Section 10301 of the bill requires the SEC to establish rules for protocols that are "nominally decentralized, substantially controllable," rather than exempting them, while Section 10201 has incorporated digital commodity brokers into the full reporting obligations under the "Bank Secrecy Act" and allocated $3 billion to support state-level enforcement, contrary to the "Wall Street Journal"'s claim of "inadequate regulation of illicit finance."
Odaily News: Summer Mersinger, CEO of the Blockchain Association and former Commissioner of the U.S. Commodity Futures Trading Commission (CFTC), stated that the Clarity Act prohibits payments made solely for holding stablecoins, as well as programs that are economically or functionally equivalent to interest on bank deposits, with penalties attached to such attempts in the text. She noted that an August 4 editorial on the Clarity Act acknowledged that the bill would end the regulatory gray area left by the previous administration, provide investors and banks with rules that future governments cannot arbitrarily overturn, and open pathways for innovations such as tokenized stocks and bonds.
Odaily News: The U.S. crypto industry group Blockchain Association wrote to Senate Majority Leader John Thune and Minority Leader Chuck Schumer on Monday, rebutting the National Sheriffs' Association's (NSA) previous criticism of the Clarity Act, arguing that the latter misunderstands the bill's design for DeFi regulation.Last week, the NSA wrote to Senate leadership, claiming that the Clarity Act's exemptions for DeFi regarding anti-money laundering, sanctions compliance, and KYC rules are too broad, potentially making it harder for law enforcement to combat financial crime. Representing over 3,000 sheriffs and 10,000 public safety officials, the NSA's stance has intensified the controversy surrounding the bill ahead of its advancement in the Senate.Blockchain Association, in response, stated that the Clarity Act does not grant the crypto industry a "blanket exemption" but instead imposes strict obligations on intermediaries while equipping law enforcement with tools to combat financial crime. Lindsay Fraser, the group's Chief Policy Officer, said that with the Senate vote approaching, it is necessary to correct the misunderstandings surrounding the bill.