Trump Administration released the anticipated report on cryptocurrencies
#WhiteHouseDigitalAssetReport #BTC
The Digital Assets Working Group of President Donald Trump of the United States published its anticipated report on cryptocurrencies, which outlines policy recommendations for regulating cryptocurrencies in the United States, including the structure of the cryptocurrency market, jurisdictional oversight, banking regulations, promoting the dominance of the US dollar through stablecoins, and the taxation of cryptocurrencies.
Establishing a “taxonomy” of digital assets by clearly defining which cryptocurrencies are securities and which are commodities was the first key point highlighted in the report, published on Wednesday.
According to the recommendations in the document, jurisdictional oversight of digital assets should be shared between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), with the CFTC having oversight over the spot cryptocurrency markets.
The working group recommended that the SEC and CFTC collaborate in the oversight of cryptocurrencies. Commodity tokens should be governed by the CFTC, while other tokens considered securities will be subject to SEC oversight. The authors of the report stated that a clearly defined structure of the cryptocurrency market would make the United States a global leader in crypto-assets.
“A rational regulatory framework for crypto-assets is the best way to catalyze American innovation, protect investors from fraud, and keep our capital markets as the envy of the world,” SEC Chairman Paul Atkins wrote in response to the report.
