The White House released a highly anticipated cryptocurrency report on Wednesday, detailing several policy recommendations but not mentioning Bitcoin (BTC) reserves.

This 166-page document provides suggestions on various aspects of the cryptocurrency industry, including banking policies, stablecoins, and combating illegal financial activities. The report mentioned strategic Bitcoin reserves, but only in the context of what was established in March, with no mention of further developments.

Bitcoin maximalists argue that a Bitcoin reserve mandate should allow the government to actively purchase the asset, adopting a strategy similar to that of El Salvador.

While the cryptocurrency industry generally welcomed the report and its potential impact on blockchain policymaking, some believe the lack of action on Bitcoin reserves is a missed opportunity.

On January 23, just three days after taking office, U.S. President Donald Trump signed an executive order establishing the President's Working Group on Digital Asset Markets. He set a 180-day deadline for policy recommendations.

The U.S. government has been accelerating the push for supportive cryptocurrency policies, leading many observers to anticipate significant updates regarding the so-called strategic Bitcoin reserves. After the White House hinted at including reserve updates, Bitcoin historian and advocate Pete Rizzo advised followers to "buckle up."

The report repeatedly mentions Bitcoin and its status as the pioneering cryptocurrency that sparked the entire industry, but strategic Bitcoin reserves were only mentioned once at the end.

Even so, the "recommendations" put forth by the White House are merely a reiteration of the terms outlined in the March 6 executive order, which established the reserves and their accompanying digital asset inventory.

The Bitcoin community expressed disappointment. CJ Burnett, Chief Revenue Officer of Compass Mining—a U.S. cryptocurrency mining hosting company with operations in Ohio and Texas—told Cointelegraph, "The lack of mention of strategic Bitcoin reserves in today's White House report is a missed opportunity. The market expects leadership but received an ambiguous response."

Burnett stated that the lack of progress on Bitcoin reserves has created "unnecessary uncertainty" and risks leaving the U.S. behind other countries.

Bitcoin influencer George Bodine described the lack of action on Bitcoin reserves as another betrayal of trust by the government.

Others were more optimistic. Canadian blockchain and Web3 investor Calvin Ayre noted that the mention of Bitcoin in the report is progress: "While many are disappointed by the lack of details on 'Bitcoin reserves' in the White House report, they should be credited for at least creating a document that attempts to explain how it all works."

Bitcoin journalist Susie Violet Ward stated that the report "represents a clear policy shift. Bitcoin is being viewed for the first time as a unique entity, cited, referenced, and understood on its own terms."

She noted that while there are few details on Bitcoin reserves, "Bitcoin is being seen as a strategic asset, distinct from other digital assets, indicating a significant shift in policy tone."

Aside from Bitcoin reserves, the report offers detailed policy recommendations on how to update cryptocurrency regulation.

Bo Hines, Executive Director of the President's Advisory Council on Digital Assets, stated that the policy recommendations in the report have been implemented in three phases.

The dismantling phase—lawmakers repeal rules implemented during former President Joe Biden's administration.

The building phase—lawmakers collaborate with the industry to create laws that help the industry thrive.

The implementation phase—through legislation.

One of the main goals of the report is to create a "taxonomy" for digital assets to determine which may be classified as securities or commodities. In this regard, it also recommends that the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) jointly regulate cryptocurrencies, with the CFTC overseeing the spot crypto market.

The report also suggests allowing banks to custody cryptocurrencies and provide customers with cryptocurrency-related services. It points out that the process for obtaining a banking license should be simpler and more transparent.

Tax issues have long been a pain point for U.S. cryptocurrency holders—different agencies classify cryptocurrencies differently, leading to varying proposed tax treatments—and this was also mentioned in the report.

The government recommends that "legislation should be developed to treat digital assets as a new class of assets, applicable to modified versions of securities or commodity tax rules for federal income tax purposes."

Overall, the government aims to enhance cryptocurrency adoption through its policies and subsequent legislative efforts to the extent that it would be impossible to revert to a more restrictive regulatory environment, Hines stated.

The cryptocurrency industry has referred to the regulatory environment during the Biden administration as "Operation Chokepoint 2.0." Hines said, "We will never face Operation Chokepoint 3.0. I believe one of the best ways to prevent that from happening is through adoption."

However, the active adoption of Bitcoin reserves still appears to be on hold, at least for now.

Related: The U.S. Securities and Exchange Commission (SEC) launches the "Project Crypto" initiative aimed at reshaping digital asset rules.

Original article: “The White House Cryptocurrency Report is a Mixed Bag for Bitcoin (BTC) Supporters”

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