According to reports, U.S. President Trump's cryptocurrency working group has urged federal regulators to clarify the rules for digital asset trading, as part of a broader effort to simplify the adoption of new financial products, highlighting the White House's increasing focus on the blockchain economy following the passage of three independent cryptocurrency bills earlier this month.
These policy proposals were put forward by the White House Digital Asset Market Working Group, which was established in January through an executive order and is led by David Sacks.
The recommendations include calls for the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to clarify rules regarding custody, trading, registration, and record-keeping, "to immediately enable digital asset trading at the federal level."
The working group also urged the elimination of "bureaucratic delays" that hinder the introduction of innovative financial products to consumers. In terms of tax policy, the proposals call for Congress to recognize cryptocurrency as a new asset class, applicable to modified versions of existing securities or commodity tax rules.
The working group has played a significant role in shaping Washington's evolving approach to cryptocurrency regulation. While it has not drafted legislation, it has provided key recommendations on a regulatory framework covering digital assets, stablecoins, market structure, taxation, custody, and oversight.
These ideas are reflected in the GENIUS Act, CLARITY Act, and anti-CBDC surveillance national act passed in July—policies that cover various aspects from stablecoins and market structure to restrictions on central bank digital currencies.
Trump signed the GENIUS Act into law on July 18. The CLARITY Act and CBDC bill have passed the House and will be reviewed by the Senate when lawmakers return after their August recess.
The Trump administration's efforts to promote cryptocurrency legislation have improved the regulatory environment for digital asset adoption. Following the passage of three major cryptocurrency bills in July, the Atlantic Council noted, "The most likely outcome is that more companies, including banks, will begin to offer crypto assets."
This shift has already begun. Major Wall Street players, including JPMorgan Chase, Citigroup, and Bank of America, have started to express plans to enter the stablecoin market.
"For Americans, this means your bank may soon offer you stablecoins, and may even provide tokenized ways to invest in the stock market," the Atlantic Council added.
Industry insiders told Cointelegraph that the GENIUS Act, in particular, could become a significant catalyst for the tokenization of real-world assets by removing regulatory barriers and improving access to the tokenized economy through a digital dollar gateway.
Former Grayscale CEO and current president of tokenization company Securitize, Michael Sonnenshein, told The Wall Street Journal that GENIUS could attract hesitant market participants.
"For those who may have been sitting on the sidelines or hesitant to fully enter the tokenized securities world, this now provides them with some additional protections," Sonnenshein said.
Related: Bitcoin Stalemate: Watch These BTC Price Levels Ahead of the FOMC Meeting
Original article: “Trump's Cryptocurrency Working Group Calls for Regulatory Clarity Amid Adoption Growth”
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