The White House has released a landmark report in July 2025 outlining a new, pro-innovation approach to digital assets in the United States. The 160-page document, titled “Strengthening American Leadership in Digital Financial Technology,” aims to end years of regulatory uncertainty and position the U.S. as a global hub for cryptocurrency. The report identifies five key changes that could reshape the entire market.
**1. Clear Regulatory Framework: Securities vs. Commodities**
The report establishes a long-awaited jurisdictional split. The Securities and Exchange Commission (SEC) will oversee tokens considered securities, while the Commodity Futures Trading Commission (CFTC) will regulate commodities. The Howey Test will remain the core standard for determining whether an asset qualifies as a security, primarily targeting centralized projects that promise profits from the efforts of their development teams. Bitcoin and Ether are officially reaffirmed as commodities, falling under CFTC oversight.
**2. Integrated Crypto Services Model**
In a major departure from traditional finance, the report supports a framework allowing a single regulated firm to act as an exchange, broker, and custodian. This integrated model is expected to lower operational costs, simplify compliance, and improve convenience for users.
**3. Support for Banks and Stablecoins, Rejection of CBDC**
The report calls for easing restrictive capital standards that have discouraged banks from engaging with public blockchain assets like Bitcoin and Ethereum. It supports the growth of private, dollar-backed stablecoins while explicitly recommending a legal ban on a central bank digital currency (CBDC), citing risks to privacy and financial freedom.
**4. Strategic Bitcoin Reserve**
One of the most transformative recommendations is the creation of a U.S. Strategic Bitcoin Reserve. Initially funded with bitcoins seized from criminal activity, the reserve will also grow through additional, budget-neutral acquisitions. This marks the first official U.S. directive to actively accumulate Bitcoin as a strategic asset.
**5. Simplified Taxes and Stronger Crime Prevention Tools**
The report proposes simplifying cryptocurrency taxation, including clear guidelines for staking, airdrops, and the application of “wash sale” rules. It also recommends legal tools allowing exchanges to temporarily hold suspicious transactions for investigation, aiming to protect investors and reduce fraud.
Overall, the White House report signals a historic policy shift, with the U.S. moving toward clear rules, pro-business regulation, and active participation in the digital asset economy while rejecting state-controlled digital currency. This framework could make the United States a global leader in cryptocurrency innovation.
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