#WhiteHouseDigitalAssetReport The White House has released a comprehensive report on digital assets, outlining the US government's approach to cryptocurrency regulation and policy. This 166-page document, developed by the President's Working Group on Digital Asset Markets, aims to make the US a leader in the crypto industry.

*Key Recommendations:*

- *Regulatory Clarity*: The report calls for federal agencies to clarify the process for banks to obtain charters and Federal Reserve master accounts, ensuring banks can work with crypto firms without vague rules blocking them.

- *Taxation*: It recommends creating a new class of assets for crypto under federal tax law, treating Bitcoin and similar assets like securities or commodities, but with modified rules. The IRS and Treasury are urged to clean up outdated crypto tax policies.

- *Stablecoins*: The report supports the GENIUS Act, which provides a regulatory framework for stablecoins, and asks the Treasury and bank regulators to implement it faithfully.

- *Decentralized Finance (DeFi)*: It encourages embracing DeFi and integrating it into mainstream finance, while also pushing for updates to anti-money laundering (AML) laws.

- *Banking Access*: The report claims to have ended Operation Choke Point 2.0, which informally pushed banks away from doing business with crypto firms.

*Legislative Proposals:*

- *CLARITY Bill*: The report supports the bipartisan CLARITY bill, which aims to provide clear rules for the crypto industry.

- *Anti-CBDC Surveillance State Act*: It backs new legislation that would permanently ban the Federal Reserve from launching a central bank digital currency (CBDC).

*Goals:*

- Make the US the "crypto capital of the world"

- Support responsible growth and use of digital assets and blockchain technology

- Protect economic liberty and promote US leadership in digital financial technology ¹