**: Inside the White House's landmark report on digital assets**
The Trump administration has unveiled its most comprehensive plan for dominating the digital economy, releasing the 168-page report of the Presidential Task Force on Digital Asset Markets. This approach, described as "the most comprehensive product ever produced on digital assets," aims to establish America as the "uncontested crypto capital of the world." The report comes just days after Trump signed the landmark GENIUS Act to regulate stablecoins, signaling a geological shift in US financial policy.
### The beginning of the encryption revolution
- **Executive Order 14178**: In January 2025, President Trump created the task force by executive order, tasking Treasury Secretary Scott Bessent, SEC Chairman Paul Atkins, and AI and Cryptography Coordinator David Sachs with crafting a regulatory framework to unleash blockchain innovation.
Ending the “War on Crypto”: The report explicitly compares Trump’s vision to the previous administration’s crackdown, citing the end of “Operation Chokepoint 2.0” and the dropping of enforcement lawsuits against major platforms like Coinbase.
- **Bipartisan Momentum**: The House's passage of the **CLARITY Act** by a vote of 294-134**—described in the report as a “guiding star”—demonstrates growing legislative consensus.
### Pillars of the "Golden Age of Cryptography"
#### 1. Market structure revolution
The report calls for immediate action to end regulatory ambiguity:
Empower the CFTC: Congress should grant the CFTC oversight authority over non-securities digital asset markets, to close critical oversight gaps.
SEC/CFTC Action: Regulators should “enable trading immediately” by clarifying rules for custody, records, and registration, while creating safe havens and sandboxes for innovation.
- **Decentralized Finance (DeFi) Integration**: Legislation must formally recognize **Decentralized Finance** and enable its integration with traditional finance.
*Table: Main Legislative Priorities*
| **Political Objective** | **Recommended Action** | **Status** |
|--------------------------|----------------------------------------|-----------------------------|
| Regulating Stablecoins | Strictly Implementing the GENIUS Act | Signed (July 2025) |
| Market Structure | CLARITY Act Passed with DeFi Provisions | Passed by House (Under Senate Consideration) |
| Central Bank Digital Currency Ban | CBDC Surveillance State Prevention Act Approved | House of Representatives Passed (Under Study) |
#### 2. Transformation of the banking system
- **Unlocking Reinvention**: Regulators should clarify **permissible banking activities** including asset tokenization, stablecoin issuance, and blockchain integration.
- **Update Capital Rules**: Bank capital requirements should reflect the **actual risk profiles** of digital assets – not penalize the ledger technology itself.
- **Licensing Transparency**: Simplifying the process for obtaining **banking licenses and Federal Reserve accounts**.
#### 3. Strengthening the dollar's dominance
- **Stablecoin Acceleration**: Priority is given to **GENIUS Act** implementation to modernize the payment architecture using dollar-pegged assets.
- **CBDC Ban**: The report urges legalization of Trump's executive order **banning central bank digital currencies**, citing risks to privacy and financial sovereignty.
#### 4. Illicit Financing and Tax Modernization
- **Anti-Money Laundering Rules Update**: Clarifying **Bank Secrecy Act** obligations for DeFi, while protecting **self-custody rights**.
- **Tax Fairness**: Treating digital assets as a **new asset class** with dedicated rules. Tax guidance from the IRS is recommended on:
- Packaging/unpacking transactions
- Mining/deposit income
- Rules for speculative selling and minor exemptions.
*Table: Banking Sector Reforms*
| **Banking Barrier** | **Working Group Resolution** | **Impact** |
|----------------------------|------------------------------------|-------------------------------|
| Deny Encrypted Services | Ending "Operation Chokepoint 2.0" | Ensuring Banking Access |
| Custody Rules Ambiguity | Relaunching Innovation Efforts | Banks Can Custody Digital Assets |
| Unjustified Capital Fees | Aligning Rules with Asset Risk | Fair Treatment of Blockchain Assets |
### Controversy and outstanding questions
- **The "Crypto Stockpile" Mystery:** Despite Trump's March 2025 order to create a **Federal Digital Asset Reserve** (allegedly holding BTC, ETH, XRP, SOL, and ADA), the report does not offer an acquisition strategy, stating only that it would be "**funded by forfeited assets**."
Conflict of Interest Concerns: With Trump's $57.3 million in profits from World Liberty Financial (according to disclosure forms) and his family launching meme coins, critics are calling the report a "cotton bucket list masquerading as government policy."
Senate Hurdles: Despite the House passing key bills, the Senate's appetite for the CLARITY Act remains untested—a gap that committee Chairman French Hill (R-AR) has urged senators to close "quickly."
### The way forward
100+ recommendations in the report face implementation:
- **Regulatory Fast Track**: The SEC/CFTC should issue rapid guidance on trading, custody, and custody.
- **Senate showdown**: The GENIUS Act takes effect immediately, but market structure reform depends on the Senate matching the House's momentum.
- **Global Race**: As Treasury Secretary Bessent declared, “America’s digital asset borders are open again” – but competitors from Singapore to the European Union are developing their frameworks.
### Conclusion: A foundation, not a finish line
This report crystallizes the most pro-crypto stance in US administration history—a stark “hard fork” from past policies. But with critical details unresolved (particularly digital reserves) and uncertain Senate cooperation, a “golden age of crypto” remains aspirational. As CoinShares’ James Butterfill warns, success requires “bipartisan legislative action, regulatory enforcement, and balanced freedoms.” For innovators and investors around the world, America’s experiment with crypto has entered its most crucial phase.