The much-anticipated White House report on digital asset markets has finally been released. However, it does not mention a US strategic Bitcoin reserve, an initiative previously proposed by President Donald Trump.
Earlier this year, Trump signed an executive order calling for the creation of both a Bitcoin stockpile and a broader digital asset reserve to position the US as a global leader in blockchain finance. Despite this, Wednesday’s report, issued by the Working Group on Digital Asset Markets, makes no reference to that plan.
SEC and CFTC Urged to Act Now
The document focuses heavily on regulatory reforms aimed at streamlining crypto market oversight and promoting innovation. Chief among its recommendations is a call for Congress to pass the Digital Asset Market Clarity Act, which would grant the Commodity Futures Trading Commission (CFTC) authority over spot markets for non-security digital assets. This move is meant to close longstanding regulatory gaps.
The report also urges the CFTC and Securities and Exchange Commission (SEC) to immediately provide more explicit rules on trading, registration, custody, and recordkeeping, using their current powers without waiting for new legislation.
The working group said,
“By implementing these recommendations, policymakers can ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto.”
Backs DeFi Innovation, Stablecoin Adoption, Rejects CBDCs
Decentralized finance (DeFi) also received a supportive nod. In fact, the group endorsed tools like regulatory sandboxes and safe harbors to help financial products reach consumers faster. Stablecoins took center stage as well, following Trump’s recent signing of the GENIUS Act. The report urges quick implementation of the law and portrays USD-backed stablecoins as crucial to reinforcing the dollar’s dominance in digital finance.
However, it draws a hard line against central bank digital currencies (CBDCs), which echoed Trump’s prior support for an “Anti-CBDC Surveillance State Act” to ban them outright. The group also tackled crypto banking and called for transparency on how institutions can obtain bank charters while simultaneously urging clarification on what crypto activities are permissible for banks.
In terms of tax policy, the report recommended treating digital assets as a new class for federal taxation, subject to updated rules on wash sales and alternative minimum tax. It also pressed the Treasury and IRS to revise guidance on crypto-related activities such as mining and staking.
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