Trump’s administration has released the much-anticipated crypto policy report, which focuses on the U.S. creating a comprehensive regulatory framework for the crypto industry. Notably, the White House crypto report fails to mention anything about creating a Strategic Bitcoin Reserve.
Details About The White House Crypto Report
According to a Bloomberg report, Donald Trump’s Digital Asset Working Group has released its report, in which it urged regulators to provide regulatory clarity for crypto trading and to promote easy adoption. The group noted that this will ensure that the U.S. leads the crypto revolution and “ushers in the Golden Age of Crypto.”
As CoinGape earlier reported, the White House crypto report was expected to propose the creation of a Strategic Bitcoin Reserve, as mandated by Trump in his January executive order. However, the report didn’t mention anything about a reserve.
Instead, the report focused on the regulatory aspect, which was also an area that Trump had mandated them to recommend policies on. As part of the report, the Working Group urged Congress to pass the CLARITY Act to eliminate regulatory gaps regarding the CFTC’s oversight of non-security crypto assets.
As CoinGape reported, Congress is already working on this, as the Senate Banking Committee recently released the draft market structure bill. Meanwhile, the House’s version of the CLARITY Act has already passed and is on the Senate floor.
Similar to what the market structure bill provides, the White House crypto report also urges the SEC and CFTC to establish rules that address issues such as registration, custody, and trading to enable crypto trading at a federal level.
The Working Group also urged the regulators to cut the bureaucratic delays so that crypto products can reach consumers quickly. This is significant considering how the SEC has a 240-day window before it either approves or denies a spot crypto ETF.
Working Group Also Addresses Banking Regulators
The White House Crypto Report also addressed banking regulators, urging them to clarify “permissible bank activities” regarding the use of stablecoins and blockchain technology. Furthermore, the Working Group also wants these regulators to provide clarity on how crypto firms can obtain bank charters and ensure that bank capital rules capture crypto-related risks.
This is very important, especially with crypto firms such as Ripple and Circle seeking a national banking license. It is worth noting that the Federal Reserve, FDIC, and OCC are already working towards providing clarity and recently issued a statement, confirming that the current banking practices also apply to crypto custody.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.
Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
✓ Share: