US President Donald Trump’s crypto working group has reportedly urged federal regulators to clarify trading rules for digital assets as part of a broader effort to ease the adoption of new financial products, highlighting the White House’s increasing focus on the blockchain economy following the passage of three separate crypto bills earlier this month.
The policy proposals were introduced by the White House’s Working Group on Digital Asset Markets, which was established by executive order in January and is led by David Sacks.
Among the recommendations were calls for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to “immediately enable the trading of digital assets at the federal level” by clarifying rules around custody, trading, registration and record keeping.
The group also urged the elimination of “bureaucratic delays” that hinder the rollout of innovative financial products to consumers. On tax policy, the proposals call on Congress to recognize cryptocurrencies as a new asset class subject to modified versions of existing tax rules for securities or commodities.
The working group has already played an influential role in shaping Washington’s evolving approach to cryptocurrency regulation. While it hasn’t authored legislation, it has contributed key recommendations on regulatory frameworks covering digital assets, stablecoins, market structure, taxation, custody and oversight.
These ideas were reflected in July’s passage of the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act — policies addressing everything from stablecoins and market structure to restrictions on central bank digital currencies.
Trump signed the GENIUS Act into law on July 18. The CLARITY and CBDC acts have passed in the House of Representatives and will be considered by the Senate when lawmakers return from their August recess.
Related: SEC approves in-kind creations and redemptions for crypto ETPs
US crypto industry cheers positive regulation
The Trump administration’s push for crypto legislation is already improving the regulatory landscape for digital asset adoption. Following the passage of three major crypto bills in July, the Atlantic Council noted: “The most likely outcome is that more companies, including banks, are going to jump into offering crypto assets.”
That shift is already underway. Major Wall Street players, including JPMorgan, Citigroup and Bank of America, have begun signaling plans to enter the stablecoin market.
“For Americans, this means your bank may soon be offering you stablecoins and possibly even tokenized ways to invest in the stock market,” the Atlantic Council added.
Industry insiders told Cointelegraph that the GENIUS Act, in particular, could be a major catalyst for real-world asset tokenization by removing regulatory hurdles and improving digital dollar on-ramps into the tokenized economy.
Michael Sonnenshein, former Grayscale CEO and president of tokenization company Securitize, told The Wall Street Journal that GENIUS will likely draw in hesitant market participants.
“For any of the asset issuers that have perhaps been on the sidelines or have been hesitant to go full force into the world of tokenized securities, this now offers them a little bit of additional air cover,” Sonnenshein said.
Related: Tokenized money market funds emerge as Wall Street’s answer to stablecoins
