Interpretation: Overview of Key Points on Digital Asset Regulation Released by the White House
1. Clear Legal Status of Stablecoins: Stablecoins authorized for payment in the U.S. are defined as non-securities and non-commodities, meaning issuers are not required to follow 'investment company' regulations and interest-bearing stablecoins are prohibited.
2. Regulated under BSA Framework: Stablecoin issuers are officially categorized as 'financial institutions' under the Bank Secrecy Act, and foreign entities must also comply with U.S. freezing/seizure orders to curb illegal activities.
3. Reserve System and International Recognition: Stablecoins must be fully backed by highly liquid assets, and mutual recognition frameworks among compliant countries will facilitate cross-border circulation.
4. Ban on Central Bank Digital Currencies: Executive Order EO 14178 explicitly opposes the development of Central Bank Digital Currencies (CBDCs) and supports the Anti-CBDC Surveillance National Act.
5. Reopening of Banking Regulatory Path: Withdrawal of SAB 121, FDIC cancellation of pre-notification requirements, OCC reaffirms that banks can engage in custody, payment, and stablecoin businesses, while abolishing the 'prudent statement' from 2023.
6. Optimization of License and Account Approval Processes: Proposal to set approval deadlines, with delays automatically considered as approval, and prohibition on refusing to open master accounts due to crypto business.
7. Market Structure Innovation: Encouragement for the SEC and CFTC to establish joint classification and innovation testing mechanisms, simplify registration processes, provide safe harbors and federal priorities, and reduce duplicate licensing across states.
8. Clear Attribution of Futures Regulation: Futures for Bitcoin, Ethereum, etc., are regulated by the CFTC, and most DeFi tokens also fall under this rule unless classified as securities.
9. Tax Policy Adjustment: Proposal to exempt non-custodial and decentralized protocols from the 6045 reporting obligation, preventing excessive taxation on tech projects.
10. Strengthening the International Payment Status of the U.S. Dollar: The private sector's push for tokenization can enhance financial market efficiency and cross-border payment capabilities; otherwise, it may impact the global leadership of the U.S. dollar.
11. Confirmation of Bitcoin as Strategic Reserve: EO 14233 establishes a Bitcoin strategic reserve mechanism managed by the Treasury, primarily sourced from law enforcement seized assets, with a general prohibition on selling reserve Bitcoins.
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