This post was originally published by Jake as an X thread.

The Reserve and Stockpile are likely good for US fiscal policy and market prices, but neither are enough to make the USA the crypto capital of the world. For that, we need new policies empowering entrepreneurs to launch protocols and products made in the USA. Here's how.

Being "the crypto capital" doesn't mean holding the most crypto wealth compared to other countries. It means having the most innovation, the most jobs, the most influence, the most economic activity. To achieve that goal, government must support businesses, not just assets.

The Biden administration did this exactly wrong. It tried to drive the industry out of the USA by making it impossible for crypto companies to do business here. The FDIC et al tried to debank us. The SEC et al tried to regulate us to death. The DOJ et al tried to imprison our devs.

The Trump administration can do it right. The President has already undone some of this damage, such as by mandating the end of debanking and regulation by enforcement via executive order. The SEC is dropping cases and investigations, and the door is open for real progress.

But that's not enough: the USA needs clear and durable rules of the road if we want to win. Clear, meaning entrepreneurs can build with total certainty that they're on the right side of the law. Durable, meaning new leadership can't easily rewrite those rules in the future.

What are the top priorities? I'll give you five.

FIRST, stablecoin legislation. It's inarguable that stablecoins are a big improvement on traditional payment rails, a bigger benefit for US dollar dominance, and a catalyst for onchain activity. This is a no-brainer. Let's go.

SECOND, market structure legislation. Nothing would bring clarity, credibility, and energy to crypto like comprehensive US regulation for primary issuers and secondary market participants. It's a heavy lift, but it's the holy grail and worth every bit of effort to achieve.

THIRD, a securities safe harbor for token issuance. In lieu of (or addition to) market structure legislation, the SEC should provide a pathway for entrepreneurs to launch tokens in clear compliance with securities laws. This is hopefully project #1 for the Crypto Task Force.

FOURTH, protections for banking access. Operation Chokepoint 2.0 proved that prudential regulators are the biggest unchecked threat to any lawful industry in the USA. We need strong safeguards in place so nobody, crypto or otherwise, can be made victims of a Chokepoint 3.0.

FIFTH, protections for noncustodial software developers. Even now, the DOJ argues that crypto devs are criminals operating unlicensed money transmitting businesses even if they have no control over user funds. Self-custody is sacred. So are devs. Section 1960 must be fixed.

The White House has already done a huge amount for crypto in a very short time. Now it's time to play the long game. Hopefully David Sacks and team will leave today's Crypto Summit with clear goals to push relentlessly in the agencies and Congress. Big days ahead.

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