Bo Hines, Executive Director of the White House Digital Assets Advisory Council, released a comprehensive new digital asset report today on Fox Business, in line with President Trump’s campaign promise to make the United States the “crypto capital of the world.”
Hines stated that the 160-page report prepared by the working group formed by President Trump to support digital asset markets provides a clear framework for the industry and will provide long-term regulatory stability.
“We see our job as fulfilling the President’s promises. We will make the United States a global superpower in digital assets,” Hines said.
Hines argued that the cryptocurrency sector has been “suppressed” over the past fifteen years, especially under the Biden administration, saying, “This sector has been devastated. But now, by removing bureaucratic hurdles, we are moving into a new construction process.”
Stating that the new period will progress in three main stages, Hines listed them as follows:
- Disruption – Dismantling Operation Chokepoint 2.0 and ending financial access restrictions.
- Construction – Implementation of stablecoin regulation with the new law called the “Genius Act.”
- Implementation – Implementation of new market structure regulations, including tax reforms and consumer protection policies.
Hines also addressed widespread concerns about cryptocurrencies being used for illicit activities. “Blockchain provides transparency,” he said. “Using blockchain to perpetrate crime is foolish because all transactions can be traced.”
Hines stated that the prepared report will guide the “Clarity Act” and other market structure laws currently being debated in Congress, and that these documents are expected to reach President Trump’s desk by October.
Contributors to the report included former SEC member Paul Atkins, Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bassett, and technology consultant David Sacks. Bassett wrote in an article for the Washington Post that President Trump’s “blockchain-friendly approach” would transform the US into a crypto superpower.
The Trump administration views crypto assets not just as financial instruments but as symbols of American innovation. “The US is on its way to becoming a leader in Bitcoin and digital financial technologies,” Hines said.
*This is not investment advice.
