Trump unveils report on digital asset regulation
Atlas21 (Newsroom)The White House Working Group’s document outlines strategies and guidelines for cryptocurrency regulation in the United States.
The Trump administration has released a report on cryptocurrency regulation, prepared by the White House’s Working Group on Digital Assets. The document presents a roadmap to govern the digital asset sector in the U.S., addressing issues such as market structure, regulatory oversight, banking provisions, and taxation.
The first pillar of the government’s plan focuses on establishing a clear classification system for digital assets. The report emphasizes the urgency of distinguishing which cryptocurrencies should be treated as securities and which should be considered commodities.
The proposal calls for a division of oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), with the CFTC taking charge of the spot markets for digital assets. This distribution of responsibilities aims to eliminate the regulatory overlap that has long plagued the sector.
The report also states that both the bitcoin reserve and the broader digital asset stockpile will be managed by the Treasury Department and “capitalized by forfeited digital assets.” It further clarifies that, in general, the bitcoins in the reserve will not be sold and “will be maintained as reserve assets of the United States utilized to meet governmental objectives in accordance with applicable law.”
The document identifies the modernization of the banking system as a key component in the evolution of the digital asset market. Recommendations include streamlining procedures for obtaining banking licenses and enhancing transparency in regulatory requirements. The Working Group also proposes explicitly allowing banks to offer cryptocurrency custody services and digital asset solutions to their clients.
One section of the report is dedicated to stablecoins, which are seen as strategic tools for maintaining the U.S. dollar’s dominance in the global digital economy. The report stresses that a well-structured regulatory framework could turn stablecoins into a key instrument of American monetary policy.
The report also reiterates strong opposition to Central Bank Digital Currencies (CBDCs), urging Congress to pass the CBDC Anti-Surveillance State Act, which would prohibit the research and development of a federal digital currency.
The document concludes by recommending that Congress implement a dedicated tax regime for cryptocurrencies—one that accounts for the specific characteristics of this asset class, including staking activities. The legislative proposal would treat digital assets as a distinct category of property, subject to modified versions of the tax rules currently applied to securities and commodities.
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