The five major departments of the U.S. jointly launched: A straightforward interpretation of the "White House Cryptocurrency Policy Report"

The White House has just released the "Cryptocurrency Policy Report," and today we will interpret it:

The Big Background

The Trump administration signed a new executive order (EO 14178) in early 2025, requiring a reorganization of cryptocurrency policy to create a unified strategy;

This report is the result of that order, jointly launched by the Treasury Department, SEC, CFTC, the Federal Reserve, and the White House economic team.

Key points of the report (in plain language)

1. The U.S. Wants to Be the Leader in "On-Chain Finance"

The U.S. does not want to fall behind and aims to continue being a global leader in the digital finance sector (especially in Bitcoin, stablecoins, and on-chain assets).

What to do? Make regulations clearer, encourage more innovation, and attract more capital investment.

2. Stablecoins: Allowed, but Regulated

If you want to issue a stablecoin "pegged to the dollar," such as USDC or future commercial bank stablecoins, you must:

Obtain a license;
Have sufficient cash reserves;
Be able to redeem promptly;
Accept audits;
Protect consumers;
Prohibit "false claims."

This part is somewhat similar to the approaches taken by Hong Kong and the EU, but it encourages private sector innovation (the government will not issue official stablecoins).

3. SEC and CFTC: Stop Fighting, Clarify Responsibilities

Currently, no one is clear on which cryptocurrencies fall under SEC jurisdiction and which fall under CFTC jurisdiction.

The report suggests that Congress should legislate to clarify the boundaries:

Securities (like stocks) fall under SEC;
Commodities (like Bitcoin) fall under CFTC;
Stablecoins, trading platforms, etc., should establish a separate licensing mechanism.

4. Clearly Saying "No": The U.S. Will Not Create a CBDC

The White House clearly states: We will not issue a central bank digital dollar (CBDC).

Why? Because:

It infringes on privacy;
It gives the government too much power;
It does not align with the "American free market spirit."

This has been a core position of the Republican Party in recent years.

5. Cryptocurrency Taxation and Retirement Funds Should Also Go "On-Chain"

The report also mentions:

The IRS should issue new guidelines to clarify:
How to report taxes;
How to calculate earnings made on-chain;
What constitutes "income" or "capital gains";
Employers may consider allowing cryptocurrency assets in retirement accounts (401k), but they must be mainstream coins that meet safety standards.

6. Building On-Chain Infrastructure: Don't Just Rely on VCs, National Investment is Needed

The report suggests using national funds to support the following areas:

On-chain settlement systems;
Government compliance tools (regulatory technology);
Cryptocurrency auditing;
Privacy technologies like zero-knowledge proofs.

There may be a new "on-chain DARPA" or national innovation center.

7. Is the U.S. Hoarding Bitcoin? Not Explicitly Stated, but Implied

The report does not explicitly state that "the U.S. government will buy Bitcoin,"

but it mentions that "a long-term stable Bitcoin policy can strengthen the diversification of national strategic assets," leading the market to interpret: Is the government also looking to stockpile some?

In Summary: This Report Tells Us

The U.S. will not ban cryptocurrency but aims to regulate and institutionalize it;
The government will not create a CBDC but encourages private stablecoins;
Congress should pass supporting regulations quickly; otherwise, the SEC and CFTC will continue to compete for jurisdiction;
The U.S. hopes to dominate the global "cryptocurrency finance" landscape.

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