Donald Trump’s crypto-friendly administration is set to lead America’s “golden age crypto,” allowing for quick digital asset trading at the federal level, and will embrace distributed finance (DEFI) according to a preview of today’s incisive, highly anticipated report from the White House.
Much of what is highlighted in a brief fact sheet from the president’s working group on digital asset markets is already moving within Trump’s sweeping legislative agenda for crypto.
Not included are details about the federal government’s progress and plans for stockpiling Bitcoin or other digital assets, at least in the report preview.
Still, for those who have experienced more than a decade of regulatory uncertainty regarding cryptocurrencies, it is surprising to see a set of rules taking shape as to what the most important market for the crypto industry is.
The summary list of recommendations begins by asking the US financial watchdog, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).
There is also the recognition of the integrated potential benefits of Defi Technology integration (a fast moving automated platform loans and loans and borrowing crypto assets). Furthermore, the plan is to “allow innovative financial products to reach consumers without bureaucratic delays by using tools such as safe ports and regulatory sandboxes,” the preview says.
The banking industry has already been notified by the Trump administration that it has decided to call crypto companies backdoor denials for banking services to what many have called “Operation Chalk Points 2.0.” Looking ahead, the working group recommends setting clearer capital rules and creating transparency about how crypto companies obtain master accounts or banking charters.
Considered as a “strengthening of the US dollar’s role,” Stablecoins also reaches the central stage for report previews. Following President Trump’s signature on the Genius Act, which establishes a federal framework for stablecoins earlier this month, the working group is urging agencies to implement it quickly.
Stubcoin’s heartfelt promotion on USD page contrasts with the Trump administration’s dislike for central bank digital currency (CBDC), calling for more anti-CBDC surveillance national laws to codify the US CBDC ban
With regard to crypto taxation, the Working Group recommends that the Ministry of Finance and the Internal Revenue Agency Review have previously issued guidance on the tax treatment of activities such as mining and staking. There is also a call for guidance on alternative minimum taxes (CAMT) for businesses and de Minimis receipts for digital assets.
“By implementing these recommendations, policymakers can ensure that the United States leads the blockchain revolution and guide in the golden age of crypto,” the president’s working group said.
The full report is expected to represent the full accounting of the administration’s crypto strategy, as required by Trump’s executive order issued on inauguration.
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