President Donald Trump’s administration has released a long-awaited report outlining the future of cryptocurrency in the U.S., focusing on the development of a comprehensive regulatory framework for digital assets. However, notably absent from the report is any mention of a strategic Bitcoin reserve — despite Trump’s earlier executive order from January.

Crypto Report Leaves Out Bitcoin Reserve

According to Bloomberg, the report — issued by Trump’s Task Force on Digital Assets — calls on regulators to swiftly establish clear rules for cryptocurrency trading and facilitate broader adoption. The goal is to position the U.S. at the forefront of the global crypto revolution and usher in a “golden age of digital assets.”

Contrary to previous expectations, the report makes no mention of a national Bitcoin reserve. The idea, mandated by Trump earlier this year, had been widely anticipated as a centerpiece of U.S. crypto policy.

Push for CLARITY Act and Regulatory Certainty

The report focuses on the regulatory landscape. The task force urges Congress to pass the CLARITY Act, which aims to clearly divide oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), particularly regarding “non-securities” crypto assets.

The Senate is already preparing its version of a market structure bill, while the House has passed its own version of the CLARITY Act. The White House is now urging regulators to coordinate and introduce clear federal guidelines for registration, custody, and trading of cryptocurrencies.

Streamlining Processes and Cutting Red Tape

The report also criticizes bureaucratic delays — specifically highlighting the SEC’s 240-day window to approve or deny spot crypto ETFs — and calls for expedited procedures to bring crypto products to market faster.

Focus on Banks and Stablecoins

The report encourages banking regulators to clarify which blockchain and stablecoin-related activities qualify as permissible banking operations. It also urges them to outline how crypto firms can obtain banking licenses and ensure that capital requirements consider crypto-specific risks.

This is particularly relevant for firms like Ripple and Circle, which are actively pursuing national banking charters. The Federal Reserve, FDIC, and OCC have already released joint statements confirming that crypto custody falls under current banking practices.

Taxation and Legislative Reform

The report also tackles tax regulation and recommends that Congress treat digital assets as a distinct asset class, with adjusted tax rules modeled after those for commodities and securities. It also proposes legislation to close tax loopholes and prevent abuse.

Notably, pro-crypto Senator Cynthia Lummis has already introduced a bill to eliminate double taxation on crypto sales and proposes a de minimis exemption for crypto transactions under $300.

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