White House Cryptocurrency Report: Will actively embrace DeFi and promote SEC and CFTC regulation implementation

According to Foresight News, according to CoinDesk, according to a preview of a highly-watched report to be released by the White House today, the Trump administration's friendly attitude towards cryptocurrencies is heralding the United States is about to usher in a "golden age of cryptocurrencies" - the federal level will quickly launch digital asset trading and actively embrace DeFi. Many of the contents pointed out by the President’s Digital Assets Markets Working Group in its brief document have been advanced in a package of legislative agendas set by the Trump administration for cryptocurrencies, such as the GENIUS Act (used to regulate stablecoins) and the Clarity Act (used to regulate crypto markets). What has not been included — at least not covered in the report preview — is specific details about the progress and plans of the federal government to reserve Bitcoin or other digital assets. Nevertheless, it is still exciting for crypto practitioners who have experienced more than a decade of regulatory uncertainty to see a complete set of clear rules taking shape in the United States, the most important crypto market in the world. A key recommendation in the preview is to require two major U.S. financial regulators—SEC and Commodity Futures Trading Commission (CFTC)—to quickly fill regulatory gaps, “to provide clear guidance to market participants on issues such as registration, custody, transactions and record keeping” to enable digital asset trading at the federal level immediately. The report also acknowledges the potential for integrating DeFi technology—the fast, automated platform for crypto lending—to mainstream financial systems. At the same time, the Working Group plans to use tools such as the "Safe Harbor Terms" and "Regulatory Sandbox" to enable innovative financial products to reach consumers without cumbersome approval. In the banking industry, the Trump administration has previously issued a warning about the so-called "Squeeze Action 2.0" (i.e., disguised restrictions on crypto companies' access to banking services). Looking ahead, the Working Group recommends developing clearer capital rules and improving transparency in crypto companies applying for master accounts or bank licenses. Stablecoins are also listed as core issues in the report and are regarded as "an important tool to strengthen the global status of the US dollar." Earlier this month, Trump signed the GENIUS Act, which established a federal framework for stablecoins, and the working group recommended that relevant agencies quickly implement the content of the bill. In terms of cryptocurrency taxation, the Working Group recommends that the Treasury and the IRS revisit previous tax guidelines for activities such as mining and pledge, and introduce new guidance on issues such as corporate minimum alternative tax (CAMT) and micro-digital asset collections to facilitate daily payments in cryptocurrencies.

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