Bohines, executive director of the White House Digital Asset Advisory Council, released a comprehensive new digital asset report on the Fox business today in line with President Trump’s campaign to make the United States “global crypto capital.”
Hines said the 160-page report created by a working group established by President Trump to support the digital asset market provides a clear framework for the industry and provides long-term regulatory stability.
“We believe our work is fulfilling our president’s promises. We will make the United States a global superpower of digital assets,” Hines said.
Hines argued that the cryptocurrency sector has been “repressed” over the past 15 years, particularly under the Biden administration, saying, “The sector is in devastation, but now by eliminating the bureaucratic hurdles, we are moving into a new construction process.”
Said the new period would progress in three major phases, Hines listed:
- Suspend – Dismantle operation’s chokepoint 2.0 and end financial access restrictions.
- Construction – Implementation of stubcoin regulations under a new law called the “genius law.”
- Implementation – Implementation of new market structure regulations including tax reform and consumer protection policies.
Hines also addressed widespread concerns that cryptocurrency is being used for illegal activities. “Blockchain offers transparency,” he said. “It’s stupid to use blockchain to carry out crimes because you can track every transaction.”
Hines said the prepared reports will guide the “clear acts” and other market structure laws currently being discussed in Congress, and that these documents are expected to reach President Trump’s desk by October.
Contributors to the report include former SEC member Paul Atkins, Commerce Secretary Howard Luttonick, Treasury Secretary Scott Bassett and technology consultant David Sachs. In an article in the Washington Post, Bassett wrote that President Trump’s “blockchain-friendly approach” would turn the United States into a crypto superpower.
The Trump administration sees crypto assets not only as a financial product, but as a symbol of American innovation. “The US is moving forward to becoming a leader in Bitcoin and digital financial technology,” Hines said.
*This is not investment advice.
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