The White House on Wednesday released its long -awaited report on Crypto, giving details of several policy recommendations except the Bitcoin (BTC) reserve.
The 166-page document provides recommendations for several aspects of the Crypto industry, including retaliation of policy, stabelcoin and illegal finance. The report mentions the strategic bitcoin reserve, innovar as it was established back in March, but does not conduct any further development.
Bitcoin Maximalists have said that the Bitcoin Reserve Order should allow the government to actively purchase assets in a greater strategy for the Elvador.
While the Crypto industry has long welcomed the report and welcomed its potential impact on blockchain policy formulation, others believed that the lack of action on the bitcoin reserve is an opportunity for a lapse.
White House Crypto Report is low on reserved schemes
On 23 January, three days after assuming office, US President Donald Trump signed an executive order for establishing the President’s work group on digital asset markets. He set a 180-day time limit for policy recommendations.
The US government has been in the Pro-Crypto overdrive, leading many supervisors to lead to the important updates of the so-called strategic bitcoin reserve. After the news that the White House will include an update to the reserve, bitcoin historian and advocate Pete Rizo, advised the followers to “buckle”.
The report has dozens of references to bitcoin and provoked the entire crypto industry as its seminal cryptocurrency, but strategic bitcoin is only reserved at the end of the poem.
Even the “recommendation” presented by the White House is a simple restoration of the conditions set in the executive order of March 6, which separated the reserve and is a convenient digital asset stockpile.
The Bitcoin community expressed its disappointment. CJ Burnette, Chief Revenue Officer of Compass Crypto mining, Opera and Hosting firm Hosting firm in today’s White House a missed opportunity.
Burnett stated that the lack of progress on a bitcoin reserve makes “unnecessary uncontrolled” and RisCs puts America behind other counties.
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Bitcoin Infurnaser George Bodin Charitra lacks action on a bitcoin reserve as another betrayal by the government by the government.
Others were more optimistic. Calvin Ayre, an investor of Canadian blockchain and web 3, said that the merit of bitcoin was already available in the report: “While many people are ‘bitcoin reserve’ details issues in the White House. Report, give them credit to create a document that attempted to explain at least how it works.”
Bitcoin journalist Susie Violet Ward said the report “represents a clear policy change.
He said that, which is the details of a person on the bitcoin reserve, “Factcoin is considered a strategic property, meeting with other digital assets, indicates a clear change in policy tone.”
“For bitcoins, this is progress.”
White House emphasizes clear policy
Bitcoin plants aside, the report has a detailed policy proposal of how the crypto rules should be updated.
The Executive Director of the President’s Advisory Council on Digital Assets, Bo Hines, that the policy proposals prescribed in the report are already being implemented in three phases.
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Destruction phase – Where MPs are implemented during the administration of the office which biden.
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Construction Phase – Where law manufacturers work with industry so that they can enact laws that will help the industry to flourish.
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Implementation Phase – To pass laws.
One of the primary goals of the report to create a “taxonomy” for digital assets to determine which count securities or objects are counted. In this regard, it also recommends that commodity futures should share trading commissions and securities and exchange commission crypto, in which CFTC spots regulate the spot crypto markets.
The report also includes that banks should be allowed to detain crypto and provide crypto-relief services to customers. It was also said that the process of obtaining banking charter should be easier with more transparent requirements.
Tax, which has long been a sore throat for crypto holders in the US -separate agencies classify all crypto separately and it was also included in the report.
The administration recommended that “the law should be implemented which tests the property as a new class of the property of the revised versions.
Overall, the administration is aiming to adopt crypto through its policies and later increase legislative efforts to a degree, which is never a backslide in a more resiguulatory regulatory environment.
The Crypto industry gave Monin “Operation Chokpoint 2.0” regulatory atmosphere to the Dagar The Biden administration. The Hines said, “There is no way that we are going to face an operation Chokpoint 3.0.
Adopting an active bitcoin reserve, think, still will wait, at least for now.
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