The White House’s Working Group on Digital Asset Markets published a report on July 30 that lays out recommendations for a market structure framework to support the growth of crypto in the United States.
According to the report, the measures will provide a roadmap to making America the “crypto capital of the world.” Established by one of President Donald Trump’s executive orders in January, the Working Group consists of federal officials and was tasked with creating a report on the regulatory and legislative proposals necessary to advance the order. By implementing the recommendations, the White House said, policymakers can ensure the U.S. leads the “blockchain revolution and ushers in the Golden Age of Crypto.”
The report recommended Congress enact legislation that would eliminate gaps in regulatory oversight by the Commodity Futures Trading Commission (CFTC) to oversee spot markets for non-security digital assets, and that embraces DeFi technology. The group also recommended passing legislation that allows the SEC and CFTC to use their existing authority to immediately enable digital asset trading at the federal level and allow innovative financial products to reach consumers without bureaucratic delays.
Other recommendations included modernizing bank regulations for digital assets, that would provide a sound and predictable banking regulatory framework embracing blockchain technology. The group recommended relaunching crypto innovation efforts to clarify permissible bank activities, promoting process transparency so institutions can obtain bank charters or Reserve Bank master accounts, and ensuring bank capital rules are aligned with the actual risks associated with digital assets.
The group also recommended policymaker strengthen the role of the U.S. dollar through the adoption of dollar-based stablecoins while moving away from legacy systems, modernizing anti-money laundering rules through regulator efforts to provide clarity on BSA obligations and reporting, and aligning tax rules with new technologies and eliminating compliance hurdles for individuals and businesses engaged in activities involving digital assets.