Trump White House releases long-promised crypto report

The US President Donald Trump’s Working Group connected Digital Assets released its long-promised crypto study outlining argumentation recommendations for regulating crypto successful the United States, including crypto marketplace structure, jurisdictional oversight, banking regulations, promoting US dollar hegemony done stablecoins and taxation of cryptocurrencies. 

Establishing a “taxonomy” of integer assets by intelligibly defining which cryptocurrencies are securities and which are commodities was the archetypal contented outlined successful the report, released connected Wednesday.

According to recommendations successful the document, jurisdictional oversight implicit integer assets should beryllium shared betwixt the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), with the CFTC having oversight implicit spot crypto markets.

Advisors successful the President’s Working Group connected Digital Assets and manufacture executives met for the White House Crypto Summit successful March. Source: The Associated Press

The moving radical recommended that the SEC and CFTC collaborate connected crypto oversight. Commodity tokens should beryllium governed by the CFTC, portion different tokens deemed to beryllium securities volition beryllium taxable to SEC oversight. The authors of the study said a intelligibly defined crypto marketplace operation would marque the US a planetary person successful integer assets.

“A rational regulatory model for integer assets is the champion mode to catalyze American innovation, support investors from fraud, and support our superior markets the envy of the world,” SEC Chair Paul Atkins wrote successful effect to the report.

Related: Trump’s crypto moving radical pushes for clearer rules arsenic adoption grows

Banking regulations should beryllium eased, intelligibly defined

Allowing banks the quality to custody crypto and supply integer plus services to customers was a cardinal argumentation connection outlined by the moving group.

The radical recommended that banking regulators streamline the process to acquire a slope charter and marque the requirements much transparent.

Stablecoins and payments were besides outlined successful the report, touching connected the request to clasp stablecoins to protect the US dollar’s hegemony.

As expected, the authors urged Congress to walk the CBDC Anti-Surveillance State Act and prohibit the probe and improvement of a cardinal slope integer currency successful the US.

US President Trump signs the GENIUS stablecoin bill. Source: The White House

However, the study highlighted galore of the features that marque stablecoins indistinguishable from CBDCs.  

“A unsocial diagnostic of stablecoins is that stablecoin issuers tin coordinate with instrumentality enforcement to frost and prehend assets to antagonistic illicit use,” the authors wrote. 

Establishing wide regulations astir taxation

Finally, the study recommended that Congress found a custom-tailored taxation argumentation for cryptocurrencies that accounts for the unsocial features of the plus class, including staking.

“Legislation should beryllium enacted that treats integer assets arsenic a caller people of assets taxable to modified versions of taxation rules applicable to securities oregon commodities for national income taxation purposes,” the study said.

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