Trump fulfills his campaign promise with his digital assets report, but his biggest cryptography challenge loom
Just three days after the inauguration in January, President Trump signed Presidential Order He promised on the campaign trail and established a digital asset working group consisting of figures from top administrators who are entering a new era of US crypto.
On Wednesday, 166 pages were announced for the group that includes Treasury Secretary Scott Bescent, AI, Crypto Czar David Sacks and other key officials. Report Details of the administration’s new approach that Trump pledged to do will likely be a break from his predecessor, President Biden.
This report outlines various areas of priority in the White House, as it enacts layout rules creation in the Genius Act. I passed The legislature will modernize anti-money laundering rules at the beginning of July.
At a briefing at a press conference on Wednesday, senior administration figures touted the report as “the most comprehensive product ever created in regards to digital assets.” But White House work is just beginning as Congress discusses ambitious bills to create guardrails around cryptocurrency and exchanges, and deliberate how federal agencies police the sector.
Search for clarity
Trump has fully embraced the role of crypto president, but Wednesday’s report is not the first from the White House. Biden administration release It returned to its own in September 2022 a few weeks before Sam Bankman-Fried’s Crypto Exchange FTX collapse.
The Biden report predicted the duration of enforcement action from agencies, including the Department of Justice, the Securities and Exchange Commission, and the Commodity Futures Trading Commission for top crypto companies. Coinbase. In response, the blockchain industry has launched a campaign to select pro-cryptic politicians, rich with campaign donations of hundreds of millions of dollars.
It has proven to be a success, Trump has promised many crypto policies including strategy Bitcoin Reserve, amnesty, cryptography of Silk Road founder Ross Ulbricht. He has already fulfilled many pledges, and Wednesday’s report concludes with a surge in executive orders he signed shortly after he took office. The composition of a working group filled with Procrypt officials reflects massive ocean changes from the Biden administration.
While a big win for the crypto industry, the report leaves behind specific questions, including those relating to the future scope of federal crypto sanctuaries. At the press conference, one official said the report focused more on regulatory frameworks than on reserves, and said more information should be coming soon.
The report also acknowledges the limitations brought about by the reality that Congress has not yet passed the Market Structure Bill. Coinbase. The report encourages the SEC and CFTC to make more clear about key features such as registration, management and trading, but many market participants will remain in custody while Congress continues to discuss the law.
The Senate and House of Representatives were able to agree to the stablecoin bill, but the looming market structure bill could remain a greater challenge. A Trump administration official argued that the House version (act of clarity) has received bipartisan support and that the report points to the “guiding star” of market structure.
“They have built a proper foundation for returning to this home,” the official added.