Written by: Luke, Mars Finance

A 166-page document quietly lies on the official website of the White House. Its title—"Strengthening America's Leadership in Digital Financial Technology"—sounds like a clichéd policy paper that any government agency might publish. However, for the trading floors of Wall Street, the startup garages of Silicon Valley, and the global crypto community, this document led by David Sacks, the White House's head of cryptocurrency and AI affairs, and Executive Director Bo Hines, is akin to the sound of a starting gun.

It is not just a report; it is a meticulously designed strategic blueprint aimed at transforming blockchain, once seen as a toy for anarchists, into a new century tool for maintaining and expanding American financial hegemony. Interestingly, the release of the report carries a touch of geeky ritual: a hexadecimal hash value encrypts President Trump's commitment made at the White House crypto summit earlier this year—"Make America the world's Bitcoin superpower and the global cryptocurrency capital."

This is not merely symbolic. It heralds a shift in an era: the iron curtain of regulation is being lifted, and a grand script led by the United States, aimed at constructing a "global unified crypto financial mega-market," has begun.

The Trinity: A Perfect Loop of Stablecoins, RWA, and DeFi

Focusing solely on its 'crypto regulation' label would overlook the true ambition of this report: it is not about drawing red lines for the market but about sketching a new strategic map to guide global capital flows. Its core is not to manage Bitcoin or Ethereum in isolation but to create a "trinity" financial flywheel that allows the gravitational pull of the dollar to permeate every corner of global finance.

The first pillar is the already established compliant dollar stablecoin. Before the report's release, the Trump administration had already signed the "Payment Stablecoin Transparency Act" (GENIUS Act). This act is profoundly significant as it provides a clear legal status for dollar stablecoins at the federal level for the first time, defining them as neither securities nor commodities, but under the wings of the Treasury and state banking regulators. This means that stablecoins issued by licensed institutions, subject to strict audits, and backed by 1:1 dollar cash and equivalents, become "compliant digital dollars." This not only provides protection for consumers but, more importantly, finds a perfect agent for the dollar in the global digital economy, effectively countering discussions about central bank digital currencies (CBDCs) and avoiding their potential threats to privacy and financial freedom.

The second pillar is the booming tokenization of real-world assets (RWA). If compliant stablecoins are the blood, then RWAs are the muscles and bones that sustain this new system. While the industry was still discussing its possibilities, Wall Street giants had already entered the fray. BlackRock, with an asset management scale of $10 trillion, has seen its tokenized money market fund "BUIDL" on Ethereum surpass several billion dollars. Another giant, Franklin Templeton, has its similar fund FOBXX operating on multiple blockchains. Their core business is to tokenize globally top-quality "risk-free" assets like U.S. Treasury bonds, allowing them to circulate and trade frictionlessly on the blockchain 24/7. Boston Consulting Group (BCG) has predicted that by 2030, the global market for tokenized illiquid assets could reach $16 trillion. When high-liquidity digital dollars meet high-credit tokenized U.S. Treasuries, a massive value loop has already formed.

And this White House report ignites the third and most critical pillar—decentralized finance (DeFi). The report explicitly states the need to "embrace DeFi technology" and suggests that Congress create a new regulatory framework based on technological neutrality for "truly decentralized" protocols. This is not simply about "de-regulation." The report proposes a clever distinction: for protocols that are open-source, non-upgradable, and cannot be unilaterally controlled, their direct compliance burden will be significantly reduced. The focus of regulation will shift from the protocols themselves to the centralized "intermediaries" interacting with them, such as exchanges and wallet service providers.

As venture capitalist and one of the report's authors David Sacks has consistently advocated, the goal is to replace "enforcement-style regulation" with "clear rules." The signal of this shift could not be clearer: the U.S. not only welcomes DeFi but aims to provide a compliant soil for it to thrive, allowing it to become a powerful "yield engine" that carries the aforementioned compliant stablecoins and tokenized U.S. Treasuries. A user can use compliant digital dollars to purchase tokenized U.S. Treasuries and earn yields within compliant DeFi protocols—this perfect storm's components are all in place.

Bidding Farewell to the Gray Area: A Carefully Planned "Reconciliation"

Another core aspect of this report is the formal end to the years-long "gray area" of U.S. crypto regulation and the "power games" between departments. For a long time, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have been embroiled in disputes over who should regulate the spot market for digital assets, with the "enforcement-style regulation" under SEC Chairman Gary Gensler driving many innovators and projects abroad.

The report explicitly supports the "21st Century Financial Innovation and Technology Act" (FIT21 Act, also known as the CLARITY Act), which aims to grant the CFTC clear jurisdiction over the spot market for non-security digital assets (i.e., digital commodities). This effectively adopts the crypto industry's long-standing calls: to manage the initial issuance phase of digital assets (similar to an IPO) as securities under the SEC, while once their networks are sufficiently "decentralized" and mature, their tokens should be treated as commodities, overseen by the CFTC, which is more familiar with commodity markets.

"This administration is committed to ending the 'Kafkaesque' enforcement environment and providing certainty for America's digital asset ecosystem," commented Republican Congressman and key figure in the digital asset space, French Hill, on the report. This is not just a redistribution of power but a proactive "invitation for investment." Through a dual push of legislation and executive orders, the White House is inviting developers, entrepreneurs, and capital from around the world to return to the U.S., where clear rules and support for innovation exist.

The Other Side of the New Order: De-nationalization Narrative and Multi-chain Reality

As dollar stablecoins serve as tools to penetrate capital controls, meeting high-yield products provided by RWA and DeFi, a grand narrative begins to circulate in the crypto world: the de-nationalization of capital. Theoretically, capital from anywhere in the world can be seamlessly exchanged for digital dollars and invested in this global unified financial market to chase yields, thus escaping the constraints of geography and sovereignty. Some view this as the beginning of capitalists, enterprises, and even individuals achieving "de-nationalization."

However, calm analyses from institutions like the International Monetary Fund (IMF) provide an important balancing perspective. The IMF repeatedly mentions the "decentralization illusion" in its reports, pointing out that many so-called DeFi protocols still have governance and liquidity highly concentrated in the hands of a few whales and development teams. Seamlessly integrating these systems with traditional finance without establishing sufficient firewalls could amplify rather than eliminate systemic risks. Analysts at the Brookings Institution also warn that while celebrating innovation, one must not forget the countless collapses and investor losses over the past few years due to regulatory gaps. Behind this report is a powerful industry lobbying force, and whether its concern for consumer protection is sufficient remains to be seen.

Moreover, the intuitive judgment that "the huge benefits for DeFi are also huge benefits for Ethereum" may oversimplify the market's complexity. As the current largest DeFi ecosystem, Ethereum will undoubtedly be a core beneficiary. However, the reality is that the future of RWA is multi-chain. BlackRock's BUIDL fund has already landed on multiple networks, including Ethereum, Solana, and Avalanche; Franklin Templeton has even partnered with supply chain public chains like VeChain. The nature of capital is to seek profit and diversify risk; it will flow to any value network that is efficient, deep, and secure. Therefore, the transformation brought about by this change is more likely to provide a comprehensive boost to all high-performance smart contract platforms rather than a solo performance by a single public chain.

Ultimately, this White House report is less a surrender to crypto idealism than a shrewd "reconciliation." It cleverly strips away the parts of crypto technology that pose a direct challenge to sovereign currencies (such as algorithmic stablecoins and anonymous coins) while incorporating the remaining parts—especially those deeply tied to the dollar and U.S. high-quality assets—into a new financial framework led and defined by the United States.

This is a well-thought-out game. The U.S. has not chosen to build a high wall to resist the flood of the crypto world but has opted to dig a canal, guiding this flood toward irrigating its own financial hegemony. The competition over the future form of finance has entered a new chapter. Code is being written into law, and the game of power will unfold in an unprecedented way across global blockchain nodes.

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