On July 30, 2025, the President’s Working Group on Digital Asset Markets released a detailed fact sheet outlining its vision for establishing the United States as the global leader in digital financial technology. The announcement follows a 160-page report and marks a pivotal moment in the shift from regulatory uncertainty toward coordinated legislative and agency-driven clarity.

The following opinion editorial was written by Alex Forehand and Michael Handelsman for Kelman.Law.

The Working Group was created by Executive Order 14178, signed in January 2025, which tasked it with identifying barriers to innovation, recommending reforms, and proposing a comprehensive national strategy. Notably, the order also reaffirmed the administration’s opposition to a U.S. central bank digital currency (CBDC).

Key Recommendations

The fact sheet outlines several key policy goals:

• Regulatory clarity and market structure reform: Congress is encouraged to expand the Commodity Futures Trading Commission’s (CFTC) jurisdiction over spot markets for digital commodities while clarifying Securities and Exchange Commission (SEC) oversight of digital asset securities.
• Fast-tracked agency rulemaking: Federal agencies are directed to accelerate guidance on trading, custody, registration, and safe harbor frameworks to support early-stage innovation.
• Banking modernization: The administration calls for an end to discriminatory practices against digital asset companies, formally ending the policy critics dubbed “Operation Choke Point 2.0.”

The Bitcoin Reserve: Notably Quiet

While the fact sheet reaffirms a commitment to sound crypto-backed fiscal infrastructure, it makes no mention of new developments regarding the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile, which was first announced in March 2025. That reserve, composed exclusively of seized or forfeited digital assets and administered by the U.S. Treasury, is intended to function as a budget-neutral sovereign reserve. According to press coverage, further details are expected in an upcoming Treasury report.

Additional Recommendations

The Working Group also calls for:

• Legislative action to implement the recently passed GENIUS Act, which regulates dollar-backed stablecoins.
• A national effort to support infrastructure for digital tokenization and asset interoperability.
• IRS reforms to apply wash-sale rules to crypto assets and improve cost-basis reporting systems.
• A legislative prohibition on any form of U.S. CBDC, consistent with existing statutory frameworks.

Implications for the Industry

For legal and financial industry stakeholders, the Working Group’s roadmap signals a rapid shift toward institutional adoption and normalized regulatory treatment. Key developments to watch:

• Expanded oversight: Firms dealing with digital assets should prepare for enhanced SEC or CFTC scrutiny depending on asset classification.
• Regulatory sandboxes: Early-stage crypto ventures may benefit from safe-harbor rules that temporarily shield them from enforcement while in development.
• Digital banking pathways: The end of regulatory hostility opens the door for federally chartered banks and credit unions to reenter the space.
• Legislation tracking: Continued movement on bills like the Clarity Act will determine the shape of market structure reform in the coming months.
• Federal reserve disclosures: The crypto industry is closely monitoring for Treasury’s upcoming disclosure on sovereign crypto holdings.

Conclusion

The Working Group’s recommendations represent a high-water mark in digital asset policy. After years of fragmented guidance and enforcement-first approaches, the U.S. government now appears committed to a comprehensive regulatory framework that promotes growth while protecting investors. With coordinated legislative and agency action expected this fall, legal practitioners and industry leaders should stay alert to rapid shifts in rulemaking, tax policy, and licensing requirements.

Kelman PLLC continues to monitor developments in crypto regulation across jurisdictions and is available to advise clients navigating these evolving legal landscapes. For more information or to schedule a consultation, please contact us.

This article originally appeared at Kelman.law.

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