Summary: Felix, PANews

Since President Donald Trump requested the establishment of a digital asset market working group in January this year and submitted a report outlining recommendations for a digital asset regulatory framework, this report has been highly anticipated. Some in the crypto community even claimed that this report would become the "regulatory bible" or guide for the industry.

Now, this "regulatory bible" has finally been released. The government led by President Donald Trump published the most detailed digital asset policy report on Wednesday (July 30). According to statistics, this 166-page digital asset report mentions cryptocurrencies 391 times, Bitcoin 130 times, DeFi 32 times, and Ethereum 28 times.

The report outlines a broad regulatory roadmap for cryptocurrencies and proposes policy recommendations involving multiple crypto-related areas. These can be mainly divided into five categories:

1. Positioning the U.S. as a Leader in the Digital Asset Market

The working group recommends that Congress enact the following legislation based on bipartisan approval of the "CLARITY Act" in the House of Representatives:

• Authorize the CFTC to regulate the spot market for non-securities digital assets to eliminate existing regulatory gaps.
• Embrace DeFi technology and recognize its potential to be integrated into mainstream finance.

The SEC and CFTC should utilize their existing powers:

• Immediately initiate digital asset trading at the federal level and clarify issues such as registration, custody, trading, and record-keeping for market participants.
• Use tools like safe harbors and regulatory sandboxes to ensure that innovative financial products benefit consumers without bureaucratic delays.

2. Modernizing Digital Asset Banking Regulation

The report states that the Trump administration has completely terminated "Operation Choke Point 2.0," committed to ending regulatory measures that refuse banking services to the digital asset industry. The working group recommends that regulators take the following additional actions:

• Restart cryptocurrency innovation efforts, clarifying the activities banks are allowed to engage in regarding custody, tokenization, stablecoin issuance, and blockchain applications.
• Increase transparency in the process for institutions to obtain banking licenses or reserve bank master accounts.
• Ensure that bank capital rules align with the actual risks of digital assets, not just their existence on distributed ledgers.

3. Strengthening the Dollar's Position

• The Treasury and banking institutions should faithfully and promptly implement the "GENIUS Act."
• Congress should take further action to codify the presidential executive order prohibiting U.S. central bank digital currency into law through the "Anti-Central Bank Digital Currency Monitoring State Act" to protect privacy and civil liberties.

4. Combating Illegal Finance in the Digital Age

• The Treasury and relevant regulatory agencies should clarify the obligations and reporting requirements under the Bank Secrecy Act (BSA).
• Congress should emphasize the importance of self-custody and clarify the anti-money laundering/anti-terrorist financing obligations of participants in the DeFi ecosystem.
• Regulators should work to prevent the abuse of power against the legitimate activities of law-abiding citizens and protect citizens' privacy.

5. Ensuring Fairness and Predictability in Digital Asset Taxation

• The Treasury and the IRS should issue guidelines on topics related to CAMT (Corporate Alternative Minimum Tax), packaged transactions, and minimum income from digital assets to alleviate the burden on taxpayers.
• The Treasury and the IRS should review previously issued guidelines on the tax treatment of activities such as mining and staking.
• Congress should enact legislation to treat digital assets as a new asset class and modify tax rules applicable to securities or commodities under federal income tax regulations, adding digital assets to the list of assets subject to wash sale rules.

After the report was released, the industry generally viewed it as a positive signal for the direction of Trump's crypto agenda.

Ji Kim, CEO of the Crypto Council for Innovation, stated: "The release of the President's working group digital asset report marks a unified effort by the government to ensure that the U.S. remains a leader in the golden age of cryptocurrency. From DeFi, tokenization, market structure, CIF, taxation, and more—this report covers it all. We now have clear regulatory guidance to ensure continued growth."

Rebecca Rettig, legal counsel at Jito Labs, also expressed approval after the report's release, stating: "While there is still much work to be done, this excellent roadmap provides guidance for achieving true regulatory transparency in the U.S. crypto industry."

However, it is worth noting that although the report is a "major victory" for the crypto industry, it does not reveal new initiatives or delve into specific policy measures, leaving some unresolved questions, including those related to the future scale of federal government cryptocurrency reserves. An official stated at a press conference that the report focuses on the regulatory framework rather than reserves and indicated that more information should be forthcoming soon.

Additionally, the report acknowledges that Congress has yet to pass the market structure bill, which imposes many restrictions on the industry. This bill would establish a more comprehensive regulatory framework for the issuance of cryptocurrencies and the operation of exchanges like Coinbase. Although the report encourages the SEC and CFTC to provide clearer guidance on key functions such as registration, custody, and trading, many market participants will remain in a state of uncertainty as Congress continues to debate legislation.

While this report may not have "met expectations," it may be as U.S. officials have stated: "They have laid a solid foundation for the construction of this house."

Related Articles: Five U.S. Departments Jointly Launch: Plain Language Interpretation of the White House Crypto Policy Report

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