💥The White House Releases Digital Asset Report, Is the Crypto Market About to Change?
👀Folks, on July 30, the White House released a groundbreaking report titled "Strengthening America's Leadership in Digital Financial Technology," which is a hefty 166 pages long! This is a milestone for U.S. cryptocurrency policy, with a clear goal of making the U.S. the global leader in blockchain, cryptocurrency markets, and tokenized finance👑!
Core Contents of the Report
Seeking Regulatory Clarity:
Legislative Level: Proposing that Congress enacts legislation confirming that ordinary people can transfer crypto assets without intermediaries and store them in their own wallets👛; even authorizing Congress to prohibit Central Bank Digital Currencies (CBDCs); protecting software developers who create decentralized trading methods; and intending to explicitly grant the Commodity Futures Trading Commission (CFTC) the authority to regulate non-securities digital asset spot markets.
Regulatory and Taxation Level: Suggesting federal banking regulators adopt technology-neutral risk management measures and not discriminate against legitimate crypto businesses. Requesting the U.S. Department of the Treasury and the IRS to issue new tax guidance on specific transactions like staking, and aiming to design simpler reporting rules for digital asset exchanges. Additionally, calling on Congress to amend tax laws to include digital assets in wash sale rules and securities lending provisions.
Other Key Information:
Although the report is very rich in content, unfortunately, it does not mention how much Bitcoin the U.S. government currently holds, nor does it say whether it will actively purchase Bitcoin in the future; it merely reiterates what President Trump said in his January executive order, without any follow-up steps or implementation timeline.
This report was led by David Sacks, head of the White House Office of Cryptocurrency and Artificial Intelligence, and Executive Director Bo Hines, integrating opinions from multiple departments including the Department of the Treasury, the Department of Commerce, the U.S. Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).
