On July 31, the White House released the long-awaited digital asset report aimed at positioning the United States as a global leader in blockchain, cryptocurrency markets, and tokenized finance. This 163-page (or 166/168 pages, with slight variations in data sources) document, drafted by President Trump's Digital Asset Market Working Group, solidifies the government's stance on stablecoin regulation, tax reform, and federal market oversight. However, despite covering a wide range of digital asset policy areas, the report did not provide substantial updates on the government's planned strategic Bitcoin reserve, merely reiterating statements from President Trump's January executive order without outlining subsequent steps or implementation timelines, which disappointed the industry.
The report's release stems from an executive order signed by President Trump in January, which established a cross-departmental working group on emerging technologies such as digital assets and artificial intelligence. Led by David Sacks, the White House's head of cryptocurrency and AI affairs, and Executive Director Bo Hines, it integrated opinions from the Treasury Department, the Department of Commerce, the U.S. Securities and Exchange Commission (SEC), and the U.S. Commodity Futures Trading Commission (CFTC).
Comprehensiveness of the report: The report lists several proposals aimed at simplifying regulation, supporting innovation, and modernizing oversight, described as a harbinger of the "crypto golden age" that the U.S. is about to enter. It emphasizes the recently enacted GENIUS Act (stablecoin regulation) and the Clarification Act (crypto market structure), encouraging the SEC and CFTC to utilize existing powers to promote digital asset trading. The report also acknowledges the significant potential of DeFi technology to integrate into the mainstream financial system and plans to use tools like "safe harbor provisions" and "regulatory sandboxes" to allow innovative financial products to reach consumers without cumbersome approvals. In the banking sector, the report suggests establishing clearer capital rules and increasing transparency for crypto companies applying for master accounts or banking licenses. Stablecoins are also listed as a core issue, seen as "an important tool to strengthen the global position of the dollar."
Absence of strategic Bitcoin reserve: Although the report affirms a commitment to digital innovation, it does not propose new initiatives or expand on earlier announcements, including the high-profile plan to establish a federal reserve for Bitcoin and other digital assets. This reserve proposal was initially introduced through the January executive order but was only mentioned in passing in the report's final section. Senior government officials indicated that related work is ongoing but did not provide a timeline or further details. Trump's advisor Bo Hines previously stated that while the government intends to increase its Bitcoin holdings, it may choose not to publicly release the development report for the reserve.
Tax reform proposals: The report also includes a section outlining tax reform proposals aimed at alleviating compliance burdens for cryptocurrency users. These proposals include exempting capital gains tax thresholds for low-value transactions and updating the tax treatment of staking rewards, policies long advocated by Lummis and other digital asset proponents. Additionally, the report proposes that Congress consider legislation requiring U.S. taxpayers to report "overseas digital asset accounts" to prevent Americans from transferring crypto assets abroad.
The lack of specific details regarding the reserve plan exacerbates uncertainty in the cryptocurrency industry, which had hoped for a clearer blueprint.
Earlier attention: Earlier this year, the project garnered attention when officials indicated that it would partially rely on assets seized through law enforcement actions.
Legislative roadblocks: Legislators, including Republican Senator Cynthia Lummis from Wyoming, have introduced legislation such as the Bitcoin Act to support the strategic reserve, but these efforts remain stalled in Congress.
Questions about actual inventory: Previously, the U.S. Marshals Service (USMS) disclosed that as of March this year, it only held about 28,988 Bitcoins, far below the nearly 200,000 Bitcoins long rumored in the market. This discrepancy raises questions about the actual feasibility of the Trump administration's "strategic Bitcoin reserve" plan.
Despite the disappointing aspects of the White House report regarding the Bitcoin reserve, its emphasis on the GENIUS Act suggests that the legislation will become a core force in rewriting U.S. financial regulations.
Stablecoin regulation: The GENIUS Act establishes regulatory standards for stablecoin issuers, requiring them to maintain 1:1 reserves backed by liquid assets such as U.S. dollars and short-term government bonds, and to publicly disclose reserve composition monthly. This move aims to bolster confidence among banks, merchants, and ordinary consumers regarding the legitimacy of using stablecoins.
Consolidating dollar hegemony: The act strengthens the dollar's "on-chain minting authority" in the digital economy through a closed loop of "dollar → stablecoin → global payments → U.S. Treasury bond repatriation," creating trillions of dollars in new demand for U.S. Treasury bonds.
Impact on the stablecoin market: Circle's USDC emerges as a clear winner, while Tether faces greater compliance challenges. New entrants to the market face high initial setup costs and ongoing compliance expenses, opening opportunities for traditional finance.
Prohibition of CBDCs: The Anti-CBDC Surveillance National Act creates significant long-term market protections for private digital payment systems by prohibiting the Federal Reserve from issuing central bank digital currency, ensuring that private stablecoins remain the dominant digital payment mechanism.
Over the past decade, cryptocurrencies have largely existed in a "lawless experiment" phase. The current round of legislation in Congress is responding to three major questions: Which stablecoins can legally exist? Which crypto assets are considered commodities, and which are securities? Who will regulate this emerging financial ecosystem? Answers are soon to be provided at the federal legal level.
Industry and Wall Street perspectives: Industry insiders generally hold an optimistic view, believing that the legislative framework will ultimately signal to the market that this technology will continue to exist. Traditional financial giants like Bank of America and JPMorgan are also actively positioning themselves, planning to issue stablecoins to prepare for further integration of cryptocurrencies into mainstream finance.
Compliance process: The once "disorderly and borderless" crypto industry is about to enter a new phase characterized by clear rules, compliant operations, and higher entry barriers. Licensed, audited, and SEC or CFTC-registered trading platforms will attract funding and users, while projects with ambiguous attributes, cross-border operations, or reliance on regulatory arbitrage will be marginalized.
The release of the White House's first cryptocurrency report, although lacking substantial progress on the strategic Bitcoin reserve plan, emphasizes a series of crypto legislations like the GENIUS Act, indicating that the U.S. is fundamentally reshaping its financial regulations to establish clear rules for the cryptocurrency market. This is not the end of the crypto industry but rather a new beginning, a transformative moment from the self-governance of crypto assets to institutional logic. It signifies that this once-experimental space is growing into an important part of the global financial infrastructure, while also reminding the market that, alongside favorable policy attention, the future direction of the strategic Bitcoin reserve plan remains a key unresolved issue.
Related: The White House releases long-awaited cryptocurrency regulatory proposal report
Original article: “The White House's 163-page crypto policy report disappoints: Where is Trump's strategic Bitcoin (BTC) reserve plan headed?”
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