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On July 30, the Trump administration officially released a digital asset policy report led by the president's working group.

This 166-page document is seen as a roadmap for the regulation of digital assets in the United States, covering several core areas: 391 mentions of cryptocurrency, 130 mentions of Bitcoin, 32 mentions of DeFi, and 28 mentions of Ethereum.

The report proposes five major directions:

First, to establish the United States' leadership position in the global digital asset market, advocating for the CLARITY Act to authorize the CFTC to regulate the non-securities digital asset spot market, and encouraging the SEC and CFTC to support innovative projects through mechanisms such as safe harbors and regulatory sandboxes.

Second, to promote the modernization of bank regulation, ending the discriminatory policy against the cryptocurrency industry known as 'Choke Point 2.0', and clarifying banks' legal authorities in areas such as custody, stablecoin issuance, and tokenization.

Third, to strengthen the sovereignty of the dollar, emphasizing the promotion of the dollar's dominance through the GENIUS Act, while legislating to prohibit central banks from issuing CBDCs, in order to protect financial privacy and civil liberties.

Fourth, to combat illegal financial activities, clarifying the compliance responsibilities of participants in the DeFi ecosystem, emphasizing anti-money laundering obligations, while avoiding excessive regulation that could affect legitimate self-custody activities.

Fifth, to advance tax system reform, requiring the Treasury Department and IRS to clarify the tax treatment of digital asset activities such as mining and staking, and to push for legislation that includes digital assets under the scope of wash sale rules.

The report has received positive feedback from the industry and is viewed as a significant shift in the U.S. stance on cryptocurrency policy.

The Crypto Council stated that this is the result of collaboration across all levels of government, which will provide clear guidance for the industry. Jito Labs' legal team also believes that this report is an important step towards achieving regulatory transparency.

However, the report did not disclose key issues such as crypto reserves, and it also acknowledged that Congress has yet to pass the market structure bill. Current policies still face many uncertainties, and legislative progress will determine the speed of implementation.

Nevertheless, this report has laid the foundation for the establishment of a regulatory framework for digital assets in the United States, marking the beginning of a more mature stage of institutional development for the cryptocurrency market.