The White House has finally released its long-awaited digital asset report, sidestepping Trump’s former push for US Bitcoin reserve, but instead focusing on stablecoin adoption and CFTC-led crypto regulation, leaving markets questioning whether the President’s trying to inaugurate himself as the ‘Crypto Emperor Trump.’
Despite President Trump’s 2024 executive order advocating a national Bitcoin stockpile, the report prioritizes regulatory clarity, endorsing the Digital Asset Market Clarity Act (DAMCA) and GENIUS Act for stablecoins. The new regulatory move will completely reject Central Banks’ Digital Currencies (CBDC).
The omission only signals one thing. It’s, bluntly, nothing but a strategic pivot – or internal division in the Trump administration – on whether the US should hoard BTC as a strategic asset. Or, it would regulate the sector more aggressively.
Only time will tell.
Earlier this year, Trump crypto strategy signed an executive order calling for both a Bitcoin stockpile and a broader digital asset reserve to secure US leadership in blockchain finance. Yet the Working Group on Digital Asset Markets made no reference to the Trump bitcoin plan in Wednesday’s publication.
Instead, the Trump no capital gains on crypto report zeroes in on regulatory reforms, emphasizing the need for clearer oversight of the crypto sector and rapid adoption of digital innovation.
“By implementing these recommendations, policymakers can ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto.” the group stated.
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At the top of the recommendations is a call for Congress to pass the DAMCA, which would give the Commodity Futures Trading Commission (CFTC) authority over spot markets for non-security digital assets.
The group also pressed both the CFTC and the Securities and Exchange Commission (SEC) to act now by issuing clearer guidance on Crypto Emperor Trump trading, custody, registration, and recordkeeping using their current powers rather than waiting on new laws.
Stablecoins emerged as a centerpiece of the Trump crypto investors strategy. The report urges swift implementation of the GENIUS Act, recently signed by Trump, and highlights the role of U.S. dollar–backed stablecoins in maintaining the dollar’s dominance in digital finance.
Decentralized finance (DeFi) was also endorsed, with the report calling for regulatory sandboxes and safe harbors to accelerate innovation while balancing risk.
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In contrast, the report takes a firm stance against central bank digital currencies (CBDCs). Echoing on the Trump no tax on crypto previous support for the Anti-CBDC Surveillance State Act, the group rejected their development outright, framing them as a potential threat to privacy and financial freedom.
The report also urged greater transparency in Crypto Emperor Trump banking, i.e., how institutions can chart a chartered bank and what digital operations they can undertake. In Trump bitcoin reserve, it is recommended that digital assets be treated as a distinct class under federal law, with altered rules on wash sales, alternative minimum tax, and new IRS regulations on mining and staking.
Even if report sets scrutinizing digital asset regulation and adoption in place, without commentary on proposed Trump bitcoin reserve plan, there remain questions as to whether the Donald trump and bitcoin administration still aims to do so.
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