The U.S. government has announced a strategy for cryptocurrency policy, but the plan for managing strategic Bitcoin reserves is still unclear.

The detailed 163-page report outlines current cryptocurrency regulation efforts but does not provide new information on Bitcoin reserves or specific plans for the future.

MAIN CONTENT

  • The U.S. report focuses on regulating cryptocurrency through existing regulations and has not implemented new plans for strategic Bitcoin reserves.

  • Proposals to reduce taxes and clearly define regulations for cryptocurrencies are built on Senator Lummis's ideas.

  • The government promotes a legal framework for stablecoins and blockchain-based securities, while encouraging the SEC and CFTC to enhance oversight.

Why does the U.S. government's cryptocurrency report not specify new plans?

The 163-page report released by the White House does not present new plans for strategic Bitcoin reserves but only updates existing policies. This is the most detailed report on the cryptocurrency policy efforts of President Donald Trump's administration in a year, but does not bring any significant innovations. Senior officials believe the report aims to assess progress compared to the Biden era, with many clear advancements.

In this regard, the project to create Bitcoin and digital asset reserves is only lightly mentioned at the end, with no further explanation on management or usage. An official confirmed that preparations are underway and promised to soon announce more detailed information, leaving the market and experts with many concerns.

"We are laying the groundwork for the government's Bitcoin reserve project and will provide specific information when the final steps are completed."

U.S. Treasury official, 2024

The report also emphasizes clearly empowering the Securities and Exchange Commission (SEC) to regulate companies issuing blockchain-based securities to ensure transparency and safety for investors.

How are the cryptocurrency tax reduction proposals based on Senator Lummis's ideas?

The report proposes cryptocurrency tax reforms based on the plan of Senator Cynthia Lummis, who heads the Senate subcommittee on digital assets. This plan aims to simplify tax regulations, such as establishing a minimum trading threshold before capital gains tax is applied and adjusting the tax calculation for rewards received from staking activities.

This move is expected to help reduce the administrative burden and compliance costs for cryptocurrency users, contributing to the sustainable development of the digital asset market in the U.S.

"Simplifying tax laws for cryptocurrencies will facilitate investors and promote innovation in the digital finance sector."

Cynthia Lummis, Senator, 2024

The report simultaneously calls for the SEC and CFTC to use their existing authority to regulate the digital asset trading sector even before Congress enacts new laws, in order to maintain order and protect users.

What are the new policies regarding stablecoins and broader cryptocurrency regulations?

The U.S. government has issued regulations for stablecoins, which have been positively received by the cryptocurrency industry. The White House is pushing for expanded legislation to clarify classification and regulation for various digital assets.

This aims to address the long-standing lack of legal transparency while minimizing legal risks for investors and businesses. However, President Trump's involvement in some family-backed cryptocurrency projects raises concerns about conflicts of interest, which the White House completely denies.

The strategic Bitcoin reserve remains the focus of the cryptocurrency community, even though it was initially based on seized assets from cases. The government may consider new funding options, or Congress could get involved with the BITCOIN Act proposed by Senator Cynthia Lummis, which has not yet been passed.

Frequently Asked Questions

What are the highlights of the U.S. government's cryptocurrency report?

The report synthesizes existing policies, promotes the adoption of new laws for stablecoins, and suggests that the SEC and CFTC enhance cryptocurrency trading regulation.

How is the strategic Bitcoin reserve managed according to the report?

The report only stops at a preliminary announcement, with no specific plans or details on managing strategic Bitcoin reserves.

What impact does the proposed cryptocurrency tax law have?

The law will simplify tax procedures, such as establishing a new minimum trading threshold and amending the tax calculation for staking rewards.

How does the government plan to support stablecoins?

The new law has regulated stablecoins, and the White House continues to push for clearer classification laws for digital assets.

Is there a risk of conflicts of interest in cryptocurrency policies?

There are concerns related to President Trump, but the White House insists there is no conflict of interest.

Source: https://tintucbitcoin.com/bitcoin-bi-my-nghi-van-du-tru-an/

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