Donald Trump’s cryptocurrency-friendly administration is set to usher in America’s “golden age of crypto,” quickly enabling digital asset trading at the federal level and also embracing decentralized finance (DeFi), according to a preview of a keenly-awaited report from the White House later today.
Much of what is highlighted in a concise fact sheet from the President’s Working Group on Digital Asset Markets is already in motion within Trump’s sweeping legislative agenda for crypto: the GENIUS Act for stablecoins, and Clarity Act to oversee crypto markets.
What is not included — at least in the report preview — is any detail on progress and plans for the federal government to stockpile of bitcoin or other other digital assets.
Still, for those who have lived through more than a decade of regulatory uncertainty around cryptocurrencies, it remains striking 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 that U.S. financial watchdogs, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), having eliminated gaps in regulatory oversight of crypto, “immediately enable the trading of digital assets at the federal level by providing clarity to market participants on issues such as registration, custody, trading, and recordkeeping.”
There is also recognition of the potential gains to be had from integrating DeFi technology – fast-moving, automated platforms for lending and borrowing crypto assets – into mainstream finance. Furthermore, the plan is to “allow innovative financial products to reach consumers without bureaucratic delays through the use of tools like safe harbors and regulatory sandboxes,” the preview said.
The banking industry has already been placed on notice by the Trump administration for what many took to calling “Operation Choke Point 2.0,” the backdoor denial of banking services to crypto firms. Looking ahead, the working group recommends setting clearer capital rules and creating transparency around how crypto firms can obtain master accounts or bank charters.
Stablecoins – seen as “strengthening the role of the U.S. dollar” – also take center stage in the report preview. Following President Trump’s signing 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 stablecoins contrasts with the Trump administration’s dislike of central bank digital currencies (CBDCs), with further calls for an Anti-CBDC Surveillance State Act to codify the banning of CBDCs in the U.S.
When it comes to taxation of crypto, the working group recommends that Treasury and the Internal Revenue Service review previously issued guidance on the tax treatment of activities like mining and staking. There’s also a call for guidance on corporate alternative minimum tax (CAMT) and de minimis receipts of digital assets, which would make it much easier to use crypto for payments.
“By implementing these recommendations, policymakers can ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto,” 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 office.
