Trump’s administration has released the much-anticipated crypto policy report, which focuses on the U.S. creating a comprehensive regulatory framework for the crypto industry. Notably, the White House crypto report fails to mention anything about creating a Strategic Bitcoin Reserve.
Details About The White House Crypto Report
According to a Bloomberg report, Donald Trump’s Digital Asset Working Group has released its report, in which it urged regulators to provide regulatory clarity for crypto trading and to promote easy adoption. The group noted that this will ensure that the U.S. leads the crypto revolution and “ushers in the Golden Age of Crypto.”
As CoinGape earlier reported, the White House crypto report was expected to propose the creation of a Strategic Bitcoin Reserve, as mandated by Trump in his January executive order. However, the report didn’t mention anything about a reserve.
Instead, the report focused on the regulatory aspect, which was also an area that Trump had mandated them to recommend policies on. As part of the report, the Working Group urged Congress to pass the CLARITY Act to eliminate regulatory gaps regarding the CFTC’s oversight of non-security crypto assets.
As CoinGape reported, Congress is already working on this, as the Senate Banking Committee recently released the draft market structure bill. Meanwhile, the House’s version of the CLARITY Act has already passed and is on the Senate floor.
Similar to what the market structure bill provides, the White House crypto report also urges the SEC and CFTC to establish rules that address issues such as registration, custody, and trading to enable crypto trading at a federal level.
The Working Group also urged the regulators to cut the bureaucratic delays so that crypto products can reach consumers quickly. This is significant considering how the SEC has a 240-day window before it either approves or denies a spot crypto ETF.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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