The Golden Age of Crypto is on the horizon. When President Trump took office, he aimed to position the U.S. as the “crypto capital of the world.” Now, the President’s Working Group on Digital Asset Markets is stepping up with a report to make that vision a reality.
This group, formed by President Trump’s Executive Order 14178, is made up of government officials who suggest key regulatory and legislative changes for digital assets. The goal is to ensure the U.S. leads in blockchain and digital finance.
One core insight is that a strong market structure is vital for the growth of the digital assets industry. It can protect consumers and spur innovation. Here’s what the group recommends:
- Congress should advance bipartisan initiatives like the recent vote for CLARITY. This includes giving the Commodity Futures Trading Commission (CFTC) authority over spot markets for non-security digital assets.
- Embrace decentralized finance (DeFi), acknowledging its potential in mainstream finance.
- The Securities and Exchange Commission (SEC) and CFTC should clarify rules for trading digital assets, facilitating faster market actions.
Another important focus is updating banking regulations to accommodate digital assets. The Trump Administration has worked to remove barriers that limit banking services in this area. The Working Group suggests:
- Revamping regulations to allow banks to engage in custody services, stablecoin issuance, and blockchain usage.
- Ensuring the process for banks to obtain charters is straightforward and accessible.
- Aligning bank capital rules with actual risks posed by digital assets.
The report also discusses how dollar-backed stablecoins can modernize payment systems. The GENIUS Act, signed into law on July 18, 2025, sets a federal regulatory framework for stablecoins. The Working Group urges:
- Swift implementation of the GENIUS Act by the Treasury and banking agencies.
- Passing the Anti-CBDC Surveillance State Act to protect privacy and civil liberties.
In combating illicit finance, the report emphasizes the need for updated anti-money laundering (AML) regulations. Recommendations include:
- Clarifying Banking Secrecy Act (BSA) obligations.
- Reinforcing the importance of self-custody in decentralized finance.
- Safeguarding citizens’ rights and privacy from misuse of regulatory powers.
Finally, the guidelines for digital asset taxation need to be clearer. The Working Group recommends:
- Enhancing guidance from the Treasury and IRS on topics like tax treatment for mining and staking.
- Creating new tax rules specifically for digital assets.
This comprehensive approach aims not just to lead in crypto but also to protect users and promote fairness. As the crypto landscape evolves, staying informed and engaged is essential.
For more in-depth insights on digital asset regulations, you can check the [U.S. Department of the Treasury](https://home.treasury.gov/) for updates and guidelines.
