key takeaways
- The report of the White House introduces a comprehensive crypto regulatory structure, but the government does not add bitcoin stores.
- Framework supports stablecoins, opposing US CBDCs, and recommends regulator clarity for digital asset trading and taxation.
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A much awaited report of President Donald Trump’s Working Group on Digital Asset Markets bypasses a functioning scheme for a national bitcoin reserve, its fact sheet preview by Coindesk is recognized for details in the first report.
The entire report to be released later today follows Trump’s January Executive Order (EO), which is estabing the working group. The order assigned the group to evaluate the viability of the National Digital Promotion StockPile.
However, in March, Trump formally discovered the evaluation instructions on a separate EO, assessing a national bitcoin reserve and digital asset stockpile.
Nevertheless, there is a comprehensive expectation that today’s report will provide more information on how the administration has planned to move forward with implementation.
In recent months, authorities have indicated in several budget-plate strategies under consideration. Crypto market participants are also expecting a clear indication, very at least, indication of how much the government intends to accumulate bitcoin.
Prominent takeaways from the Digital Asset Report of White House
As mentioned in the January order, the report should focus on the market structure, oversight mechanism, consumer protection and risk management practices. Another major objective is to clarify overlapping regulatory roles between bodies such as SEC and CFTC.
The preview indicates that those mandates have been fulfilled.
The Working Group recommends immediate coordination between SEC and CFTC to provide asset asset trading facility, the Clarification Act can be constructed in the Genius Act for the current initiative and Stabelin.
“By implementing these recommendations, the policy makers can see that the United States takes the blockchain revolution and users to the golden age of Crypto,” the working grounds of the President.
The preview stressed on allowing innovative financial products to reach the containers through regulatory sandbox and safe harboros, addressing relationships for crypto firms. Framework Cleller says for capital rules and transparency how crypto companies can get master accounts or bank charters.
The preview of the report promotes USD-paid stablecoins as a “role of dollars” opposing the central bank digital currencies (CBDCs) with reevaluation to an anti-CBDCRIVELANCE State Act to ban CBDCs in the US.
On taxation, the work group suggests Treasury and Internal Revenue Services Review Crypto reception to facilitate payment.
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