The report did not mention how much Bitcoin the U.S. government currently holds, nor did it provide new details on whether the government will actively purchase Bitcoin.

Written by: Bao Yilong

Source: Wall Street Insight

The U.S. government has released a landmark cryptocurrency policy report aimed at strengthening America's leadership in the cryptocurrency space.

On July 30, the White House released a 166-page report titled "Strengthening America's Leadership in Digital Financial Technology," but it still did not mention how much Bitcoin the U.S. government currently holds, nor did it provide new details on whether the government will actively purchase Bitcoin.

Earlier that day, as mentioned by Wall Street Insight, the Federal Reserve's interest rate decision ultimately did not change the policy rate as expected in July, while Powell did not provide guidance on a rate cut in September, emphasizing the uncertainty of tariffs and inflation, stating that the job market has not weakened, and Bitcoin fell 2.5% from its intraday high. Although Bitcoin's price rebounded after the report was released, it remained in a downward trend.

Details of the White House Report: Seeking Regulatory Clarity

Although the White House report is extensive, the core content focuses on providing the industry with a clearer legislative and regulatory framework, with key recommendations including legislation, regulation, and taxation.

Legislative Aspects:

• Propose that Congress legislate to confirm individuals' rights to transfer crypto assets without intermediaries and to store them in self-custody wallets;
• Authorize Congress to prohibit Central Bank Digital Currencies (CBDCs);
• Protect software developers building decentralized trading methods;
• Clearly grant the Commodity Futures Trading Commission (CFTC) the authority to regulate the spot market for non-securities digital assets.

Regulatory and Taxation Aspects:

• Recommend that federal banking regulators adopt technology-neutral risk management measures to avoid discrimination against legitimate crypto businesses.
• Require the U.S. Department of the Treasury and the IRS to issue new tax guidance on specific transactions (such as staking) and design simpler reporting rules for digital asset exchanges.
• Call on Congress to amend tax laws to include digital assets in wash sale rules and securities lending provisions.

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