Key Takeaways
The White House report introduces a broad crypto regulatory framework but does not address government Bitcoin reserves.
The framework supports stablecoins, opposes US CBDCs, and recommends regulatory clarity for digital asset trading and taxation.
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A highly anticipated report from President Donald Trump’s Working Group on Digital Asset Markets appears to sideline an actionable plan for a national Bitcoin reserve, according to details in its fact sheet preview first reported by CoinDesk.
The full report, set to be released later today, follows President Trump’s January executive order (EO) establishing the working group. That order tasked the group with evaluating the feasibility of a national digital asset stockpile.
However, in March, Trump signed a separate EO formally establishing a national Bitcoin reserve and digital asset stockpile, effectively fulfilling the evaluation directive.
Still, there is widespread anticipation that today’s report will provide more detail on how the administration plans to move forward with implementation.
In recent months, officials have hinted at several budget-neutral strategies under consideration. Crypto market participants are also hoping for a clearer signal, at the very least, an indication of how much Bitcoin the government intends to accumulate.
Key takeaways from White House’s digital asset report
As outlined in the January order, the report must focus on market structure, oversight mechanisms, consumer protections, and risk management practices. Another key objective is to clarify the overlapping regulatory roles between bodies like the SEC and the CFTC.
The preview indicates those mandates have been fulfilled.
The working group recommends immediate coordination between the SEC and CFTC to facilitate digital asset trading, building on existing initiatives in the Clarity Act and GENIUS Act for stablecoins.
“By implementing these recommendations, policymakers can ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto,” the president’s working group said.
The preview emphasizes allowing innovative financial products to reach consumers through regulatory sandboxes and safe harbors, while also addressing banking relationships for crypto firms. The framework calls for clearer capital rules and transparency around how crypto companies can obtain master accounts or bank charters.
The report preview promotes USD-pegged stablecoins as “strengthening the role of the U.S. dollar” while opposing central bank digital currencies (CBDCs), with recommendations for an Anti-CBDC Surveillance State Act to ban CBDCs in the US.
On taxation, the working group suggests the Treasury and Internal Revenue Service review existing guidance on mining and staking activities, along with new guidance on corporate alternative minimum tax and de minimis crypto receipts to facilitate payments.
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