The White House has released its long-awaited cryptocurrency policy report, emphasizing the need for regulatory clarity while notably omitting updates on the proposed Strategic Bitcoin Reserve.
The report, issued by President Donald Trump’s Digital Asset Working Group, calls for the creation of clear and consistent regulations to foster growth and adoption of digital assets in the U.S. It suggests that regulatory certainty will help the U.S. maintain leadership in the global crypto economy and “usher in the Golden Age of Crypto.”
Contrary to expectations, the report included no new information about the Strategic Bitcoin Reserve, which Trump had previously mandated via an executive order in January. However, a White House official confirmed that plans for both the Bitcoin Reserve and a broader crypto stockpile—consisting of assets lawfully seized by federal agencies—are still underway.
The primary focus of the report was on regulatory guidance. The Working Group urged Congress to pass the CLARITY Act, which aims to close regulatory gaps, particularly around the Commodity Futures Trading Commission’s (CFTC) oversight of non-security crypto assets. The House has already passed its version of the bill, while a Senate version is currently in committee.
In alignment with recent legislative efforts, the report encourages the SEC and CFTC to establish clear federal guidelines covering crypto asset registration, trading, and custody. It also pushes for faster regulatory approval timelines—especially relevant as the SEC currently has 240 days to respond to spot ETF filings.
🔹 Key Additional Recommendations:
- Banking Sector: Regulators should define permissible crypto-related banking activities, clarify the process for crypto firms seeking national bank charters, and ensure existing capital rules address crypto-specific risks.
- Money Laundering: The report calls on the Treasury and regulators to clarify Bank Secrecy Act obligations for crypto firms, including reporting requirements to combat illicit activity.
- Taxation: The Working Group proposes treating crypto as a distinct asset class under tax law, subject to adapted versions of rules that currently apply to securities and commodities. It also supports legislation to apply wash sale rules to crypto and backs a de minimis tax exemption for small crypto transactions (under $300), similar to a bill introduced by pro-crypto Senator Cynthia Lummis.
Though the Strategic Bitcoin Reserve received no immediate update, the report outlines an aggressive push for a regulatory environment that supports innovation while addressing risks tied to digital assets.
