The long-awaited crypto strategy in the White House is out, but the 163-page report probably doesn’t tell the crypto industry that it doesn’t already know about the federal Bitcoin reserves, which remains a black box for a sector who is eager to learn something new.
The report offers the most comprehensive overview of President Donald Trump’s crypto -push to date, which covers all the great and smaller political efforts underway this year. However, for an industry that has followed each of these carefully, it does not offer revelations of new initiatives or enter into a deep explanation of individual political persecution.
Senior administrative officials said Wednesday that it is meant as a guide post on which the government’s progress can be measured. So far, progress has been significant compared to the administration of former President Joe Biden. A new law, Genius Act, already requires rules to manage us stableecoin issuers, and an even greater piece of legislation to set up rules for the wider crypto markets known in parliament as the Law Act, have cleared the representative’s house and is underway in the Senate.
But in the report, Trump’s former crypto stocks – one for Bitcoin (BTC) and another for all other digital assets – made only the last page of the report where the initiative was widely summarized without the detail that was not offered before.
One of the officials said the infrastructure is well underway for this project and that there will soon be more information.
Bo Hines, one of Trump’s Top Crypto advisers, had previously suggested that the president’s executive order called for the reserves to have a report on the process, but that the administration had not yet been published and perhaps chose not to do so. The lack of details had many crypto observers in the hope that the plans could be further revealed in this week’s more comprehensive document.
Industry’s efforts remain high on this project, which had originally disappointed many observers by promising a fund that is only based on assets organically seized by state agencies, but it also suggested the administration’s desire to find other ways to finance it. Legislators in Congress can also play a role in working on legislation that strengthens the process. Senator Cynthia Lummis has been in the voice of it with its increased innovation, technology and competitiveness through optimized investment nationwide (Bitcoin) Act, but it has not yet moved.
A call for action
Meanwhile, Wednesday’s report could be read by sitting US regulators as a call for action. The group of supervisory authorities agreed on its content “calls on the federal government to operate President Trump’s promise to turn America into ‘crypto capital in the world’ and adopt a pro-innovation mindset against digital assets and blockchain technologies,” the report said.
More specifically, its core recommendations suggest that Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) “should use their existing authorities to immediately enable trade in digital assets at the federal level.” It is a push to get started with regulation even when Congress produces its market structure work, and although CFTC is still missing a permanent leadership under Trump, SEC chairman Paul Atkins has suggested that his agency have the authorities to act, that he has explored.
The report also included a tax section that repeats a number of the ideas that were also pushed by Senator Lummis, chairman of the Senate Bank Committee’s Digital Assets Sub -Committee. A package of tax rendering she included in her legislative efforts is intended to reduce burrowing burdens on crypto tractors, including by setting a minimum value, which must be subject to a transaction of capital-Gains and a revision of when gains should be taken into crypto rewards from practice as efforts.
READ MORE: Why don’t the US not have a Bitcoin reserve yet?
