Bo Hines, Executive Director of the White House Digital Assets Advisory Council, shared a comprehensive new digital asset report prepared in line with President Trump's campaign promises to transform the U.S. into 'the world's crypto capital' in a statement today to Fox Business.
Hines noted that the 160-page report prepared by the working group established by President Trump to support digital asset markets provides a clear framework for the sector and will ensure long-term regulatory stability.
Hines stated, 'We see our job as fulfilling the President's words. We will make the U.S. a global superpower in digital assets.'
Hines argued that the cryptocurrency sector has been 'suppressed' over the past fifteen years, especially under the Biden administration, stating, 'This sector has been destroyed. However, we are now entering a new construction phase by eliminating bureaucratic barriers.'
Hines expressed that the new era will progress in three fundamental stages, which he listed as follows:
Destruction - The removal of Operation Chokepoint 2.0 and the termination of financial access restrictions.
Construction - Implementation of stablecoin regulation with the new law called the 'Genius Act'.
Implementation - Introduction of new regulations regarding market structure, including tax reforms and consumer protection policies.
Hines also responded to widespread concerns that cryptocurrencies are used in illegal activities. 'Blockchain provides transparency. It is foolish to use blockchain to commit crimes, as all transactions are traceable,' he said.
Hines stated that the prepared report would guide the 'Clarity Act' and other market structure laws still being discussed in Congress, and that these documents are expected to reach President Trump's desk by October.
Among those contributing to the report were former SEC member Paul Atkins, Secretary of Commerce Howard Lutnick, Treasury Secretary Scott Bassett, and technology advisor David Sacks. Bassett had stated in an article he wrote for the Washington Post that President Trump's 'blockchain-friendly approach' would turn the U.S. into a crypto superpower.
The Trump administration views crypto assets not only as a financial tool but also as a symbol of American innovation. Hines stated, 'The U.S. is progressing towards being a leader in Bitcoin and digital financial technologies.'