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Trump team releases major report on cryptocurrency regulation
industry7 months before
Summary：The Trump administration has released a long-promised report on cryptocurrency regulation, proposing a clear classification of digital assets, streamlining the process for issuing bank licenses, encouraging the development of stablecoins, and developing dedicated tax regulations. The report emphasizes consolidating the United States' leadership in the global crypto market through the establishment of a clear regulatory framework, while firmly opposing the development of CBDCs. This move not only responds to market expectations for regulatory transparency but also signals a policy that supports both crypto innovation and the dominance of the US dollar. #TrumpCryptoPolicy #DigitalAssetRegulation #StableCoins #CryptoCurrencyTax #DollarHegemony
The regulatory route has been initially determined, and the US digital asset classification law is about to be released.
The Trump administration's Digital Asset Task Force released a long-awaited report on cryptocurrency regulation, which clearly proposed to use taxonomy to divide "security-type crypto assets" and "commodity-type crypto assets", which will be jointly regulated by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) respectively.
The CFTC will oversee the spot cryptocurrency market, while the SEC will continue to oversee crypto-securities assets involving investment contracts. This "division of responsibilities + regulatory cooperation" model aims to completely resolve the compliance dilemma caused by the previous lack of clear regulatory authority.
For investors, this policy signal not only means that market supervision is becoming clearer, but also means that more mainstream financial institutions will be able to participate in the crypto market in compliance with regulations, driving the gradual standardization of the overall valuation system.
Paul Atkins, former SEC Chairman, said: “A reasonable regulatory framework for digital assets is a catalyst for the United States to protect investors, lead innovation, and strengthen its market reputation.”
With the relaxation of banking regulations, crypto financial services are expected to be legalized
The report suggests that allowing banks to custody digital assets and provide related financial services is a key step in accelerating the integration of Web3 finance. To this end, the working group recommends streamlining the process for banks to apply for digital asset service licenses and improving the transparency of the regulatory process.
This will lower the barrier for traditional financial institutions to test the waters of crypto business, providing an institutional foundation for compliant stablecoin issuance and the design of crypto investment products. The participation of traditional banks is also expected to enhance the security, transparency, and user trust of the entire market.
For crypto users, this reform may enable seamless connection of digital assets “from wallet to bank account”, forming a more mature value closed loop.
Stablecoin strategy upgrade, rejecting the US route of CBDC
Stablecoins are a key focus of the report, which emphasizes their role in cross-border payments and maintaining the sovereignty of the US dollar. It also recommends supporting the development of private stablecoins as a countermeasure to central bank digital currencies (CBDCs).
The Trump administration has explicitly opposed CBDC and called for the passage of the "CBDC Anti-Surveillance State Act," prohibiting the central bank from developing a digital dollar and emphasizing that the direction of being led by the private sector and supported by government regulation is the path the United States should take.
Currently, the "GENIUS Stablecoin Act" has been signed by the President (source: White House official website), marking that the United States is gradually establishing a new financial order dominated by stablecoins.
Tailor-made tax policies to respond to pledge and transaction practices
The taxation of crypto assets has long been a focus of market attention. This report recommends defining digital assets as a separate asset class and amending federal income tax laws to better accommodate common operations such as staking income, on-chain transfers, and asset conversions.
This is the first time that the U.S. government has responded to the compliance gaps in the tax field of crypto assets in a systematic manner. It will provide a more predictable compliance reference for crypto holders and project parties.
Investor reference suggestions
Although the current report has not yet been translated into legislation, the direction is very clear: supervision is gradually becoming clearer, innovation is supported, and the tax system is expected to be rationalized. For investors, you can pay attention to:
Stablecoin infrastructure projects and compliant custody service providers may benefit from favorable policies.
Conduct tax risk assessment and planning for your own holdings as early as possible to improve future tax compliance
The general direction of U.S. regulation has been determined, and institutional dividends may inject new vitality into digital assets.
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