- The US White House finally released its first crypto policy report but it fell short of the crypto community’s expectations.
- The document notably skipped the discussion on Trump’s promised strategic Bitcoin (BTC) treasury reserve and digital assets stockpile.
US President Donald Trump’s Council of Advisers on Digital Assets, led by Bo Hines, finally released its much-anticipated Crypto Policy Report. Unfortunately, the cryptocurrency community thinks it fell short of expectations. Hence, it failed to yield a significant rally in the market as many analysts had expected.
Crypto Report on Ensuring US Dominance in the Blockchain Revolution
According to Bloomberg, the crypto report urged US federal agencies and Congress to establish clearer rules on crypto. Additionally, it recommended both the executive and legislative bodies of the government to craft infrastructure to modernize the oversight of the growing digital assets sector.
The Council of Advisers on Digital Assets believes enforcing the proposals would ensure the USA’s dominance in the new age of finance.
“By implementing these recommendations, policymakers can ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto,” said the report’s fact sheet.
The document discussed several policy proposals based on Trump’s Executive Orders in January, which tackled the issues and challenges within the crypto industry. Following the passage of the GENIUS Act into law, it also called for Congress to speed up the passing of the Clarity Act to prevent any possible gaps in the regulatory oversight of digital assets and decentralized finance (DeFi) technologies.
Moreover, the report urged the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to eliminate red tape in digital asset registration, custody, trading, and recordkeeping. It likewise recommended that the concerned agencies employ safe harbor guarantees, transparency, and other regulatory tools to protect crypto businesses, issuers, stakeholders, and the market in general.
Furthermore, the policy proposal pressed the Internal Revenue Service (IRS) to devise streamlined reporting and clear taxation rules for crypto-related activities, including trading, mining, and staking, among others.
What About the Promised Bitcoin Reserve?
Unfortunately, the report fell short on the subject of a Bitcoin reserve, which the crypto industry has been eagerly awaiting. However, Bloomberg claimed that an administration official, who requested anonymity, confirmed that the White House will release the details about the so-called “Strategic Bitcoin Reserve” to the public soon.
The reserve will include the existing 198,000 Bitcoin that the US seized from individuals and groups linked to illegal activities. So far, no law allows the government to acquire more Bitcoin or other crypto assets through purchases.
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