The much-anticipated White House crypto strategy has been announced, but the 163-page report doesn’t really convey much to the crypto industry what they don’t know yet.
The report provides the most comprehensive overview of President Donald Trump’s code push and covers all major policy efforts ongoing this year. But for an industry that closely follows each of them, it does not offer revelation of new initiatives or proceed to deeper explanations of individual policy pursuits.
A senior administrator said Wednesday that it was intended as a guide post that could measure government progress. So far, there have been considerable progress compared to former President Joe Biden’s management. The new law, the Genius Act, already calls for regulations to control Stablecoin issuers, and a larger law to set broader crypto market rules known as clear acts in the House of Representatives clear the House of Representatives and is ongoing in the Senate.
But the report says earlier calls for Trump’s crypto stockpile – for Bitcoin
Another of all other digital assets only created the last page of the report. On this page, the initiative was broadly summarized without any details previously unavailable.
One authorities said the infrastructure is on track for the project and there is more information soon.
Beauhains, one of Trump’s top crypto advisors, suggested earlier this month that the president’s executive order for reserves had requested a report on the process, but the administration has not yet made public and may choose not to. Due to the lack of details, there were many crypto observers hoping that this week’s more comprehensive document would reveal the plan more.
The project left industry interests high and initially disappointed many observers by committing funds built solely on assets that were organically seized by government agencies, which suggested the administration’s desire to find other ways to fund it. Legislators of Congress can also play a role by working on laws that strengthen the process. Senator Cynthia Ramis is a pioneer in increasing innovation, technology and competitiveness through the optimized investment (Bitcoin) Act, but has yet to move.
A call to action
Meanwhile, Wednesday’s report can be read by sitting and reading US regulators as a call to action. A group of regulators agreeing to the content will “encourage the federal government to operate President Trump’s promise to make America “global crypto capital” and adopt a stimulating approach towards digital assets and blockchain technology,” the report said.
More specifically, its core recommendations suggest that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) “need to use existing authorities to immediately enable trading of digital assets at the federal level.” Despite Congress creating work for market structures, it is a push to launch regulations and while the CFTC still lacks permanent leadership under Trump, SEC Chairman Paul Atkins suggests that his agency has authorities to take the actions he is exploring.
The report also includes a tax section that reflects many ideas that have also been promoted by Sen. Ramis, who chairs the Senate Banking Committee’s subcommittee on digital assets. The tax package she includes in her legislative efforts is aimed at reducing the burden on crypto users. This aims to set a minimum value for transactions to be subject to capital gains considerations and to set an overhaul at a time when profits should be considered in cryptocurrency from practices such as staking.
Read more: Why does the US have no Bitcoin reserve?
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