The White House has released its first official federal report outlining the U.S. government's approach to Bitcoin and crypto regulation, spearheaded by the President's Working Group on Digital Asset Markets. This 22-page document, formed under Executive Order 14178, marks the Trump administration's full crypto strategy since his return to office and aims to fulfill his campaign promise of making America the "crypto capital of the world."
The report, led by senior officials across federal agencies, proposes new legislative and regulatory changes across the crypto industry, encompassing banking, taxation, decentralized finance (DeFi), and stablecoins. It emphasizes the need for Congress, the SEC, the CFTC, the IRS, and banking regulators to swiftly address legal gaps, reduce bureaucracy, and ensure the U.S. maintains its leadership in what the administration now calls the "Golden Age of Crypto."
The Working Group urges Congress to grant the CFTC clear authority to regulate spot markets for cryptocurrencies that are not deemed securities. It references the bipartisan House vote on the CLARITY bill as a starting point and stresses the importance of lawmakers following through. The report also highlights the critical need to embrace DeFi, encouraging the government to "recognize the potential of integrating such technology into mainstream finance."
Both the SEC and CFTC are directed to expedite the approval process for federal-level crypto trading. They are advised to immediately issue new guidance covering registration, custody, recordkeeping, and other regulatory gaps. The report also advocates for the use of safe harbors and regulatory sandboxes to prevent innovation-stifling delays, emphasizing, "We need clarity now... And we need it across the board."
The report tackles banking access for crypto companies, stating the administration has "ended Operation Choke Point 2.0 once and for all." This refers to previous informal efforts that discouraged banks from working with crypto firms. The Working Group asserts that this must be replaced by a stable framework allowing banks to offer services like custody, tokenization, and stablecoin issuance without ambiguous regulations. It calls for a relaunch of crypto innovation initiatives and demands clarification for banks seeking charters and Federal Reserve master accounts. It also recommends that capital rules for banks should accurately reflect the risk of blockchain-based assets rather than being based on fear or unfamiliarity.
Regarding the U.S. dollar's role in future payment systems, the report addresses the GENIUS Act, signed into law by Donald Trump on July 18, 2025, which established the country's first federal stablecoin framework. The report instructs the Treasury and bank regulators to "faithfully and expeditiously implement the GENIUS Act." It also supports new legislation, the Anti-CBDC Surveillance State Act, which would permanently ban the Federal Reserve from launching a central bank digital currency, aligning with Trump's earlier executive order.
July 2025, Cryptoniteuae