Donald Trump’s Cryptocurrency-Friendly Administration is set to initiate America’s “Golden Age of Crypto”, which quickly enables trade in digital asset at federal level and also embrace Decentralized Finance (DEFI), according to a preview of a highly expected White House report later today.
Much of what is highlighted in a brief fact sheet from the president’s working group in digital asset markets is already moving in Trump’s sweeping legislative agenda for Crypto: Genius Act for StableCoins and Clarity Act to oversee crypto markets.
What is not included – at least in Report – Land View – is any details of progress and plans for the federal government to store in Bitcoin or other other digital assets.
For those who have lived through more than a decade of legislative uncertainty about cryptocurrencies, it still strikes to see a set of rules take shape in what is the crypto industry’s most important marketplace.
The summarized list of recommendations begins by asking for US financial watchdogs, Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), which have removed gaps in regulatory supervision of crypto, “immediately enables trade in digital assets at the federal level by providing clarity to market participants, such as registration, with trade in digital. “
There is also recognition of the potential gains that must be in integrating defi-technology-fast moving, automated platforms for loans and borrowing crypto-active-in mainstream funding. In addition, the plan is to “allow innovative financial products to reach consumers without bureaucratic delays through the use of tools such as safe ports and regulatory sandboxes,” preview.
The banking industry has already been placed on warning from the Trump administration for what many took to call “Operation Choke Point 2.0”, Ney of Banking Services for crypto companies. Looking ahead, the working group recommends to set clearer capital rules and create transparency about how cryptic companies can get master accounts or bank charter.
StableCOins – seen as “strengthening the US dollar” – also takes the middle of the stage in the report. Following President Trump’s signature of the Genius Act earlier this month establishing a federal framework for stablecoins, the working group urges agencies to implement it quickly.
The wholehearted promotion of USD-Pegged StableCeCoins contrasts with the Trump Administration’s reluctance to Central Bank Digital Calmmautes (CBDCs), with further calls for an anti-CBDC surveillance state to codify CBDC’s ban in the US
When it comes to taxation of crypto, the working group recommends that the Treasury and Internal Revenue Service Review have previously issued guidance on tax treatment of activities such as mining and efforts. There is also a call for guidance on company’s alternative minimum tax (CAMT) and the minimis receipts of digital assets, which would make it much easier to use crypto for payments.
“By implementing these recommendations, decision makers can ensure that the United States leads the Blockchain Revolution and initiates Krypto Golden Age,” the president’s working group said.
The full report is expected to represent a complete accounting of the administration’s crypto strategy as required by Trump’s executive order issued in his opening days in Embed.
