The US White House’s Digital Assets Working Group has presented a strategic report with recommendations for forming a new regulatory framework for the crypto industry. This document is intended to lay the foundation for a “golden age of cryptocurrencies” in the United States, against the backdrop of tighter controls in the EU and China.
The group includes key figures:
• Secretary of the Treasury Scott S. Mnuchin;
• Secretary of Commerce Wilbur Ross;
• SEC Chairman (Securities and Exchange Commission) Paul Atkins.
Key provisions of the document
1. Division of powers between the SEC and CFTC. Cryptocurrencies will be classified according to a clear taxonomy:
Tokens with characteristics of securities (e.g., utility tokens or ICO projects) will remain under SEC control.
Commodity tokens, including Bitcoin and Ethereum, will fall under the CFTC’s jurisdiction, including spot markets.
Comment by Paul Atkins (SEC):
“A rational regulatory framework is the best way to protect investors, ensure transparency, and maintain U.S. leadership in global capital markets.”
2. Support for stablecoins as a geo-economic tool
The document emphasizes:
• the importance of dollar-pegged stablecoins for US global financial dominance;
• the need for legal control over their issuance;
• mandatory cooperation between issuers and law enforcement agencies, including the possibility of freezing or seizing digital assets.
3. Ban on the development of a digital dollar (CBDC)
The working group recommends officially abandoning the idea of a state digital currency, arguing that it poses a threat to privacy and expands the powers of the Federal Reserve. This is in line with Donald Trump’s position, who said that a digital dollar is “a path to totalitarian control.”
4. Tax reform
Proposals
• Create a separate tax regime for digital assets
• Recognize cryptocurrencies as a separate class of property
• Take into account the specific features of staking, DeFi, DAO, and other forms of digital income
5. Involvement of traditional banks
The White House proposes to allow US banks to legally provide cryptocurrency storage services, as well as related investment and settlement products. This is a way to increase competition with crypto exchanges and attract institutional capital.
The US is betting on crypto leadership, but in its own way.
• The new approach differs from the models of China and the EU. While Beijing is building total digital control through the yuan-CBDC, and Europe is strictly regulating DeFi and introducing wallet licensing, the US is choosing a liberal-institutional path without abandoning market initiative.
• Rejecting CBDC is a move that will delight privacy advocates but could weaken the US’s position in the international competition for digital currencies. However, there is also political pragmatism behind this decision: with the 2024 elections looming, this position is advantageous for Trump and his electorate.
• Recognition of the role of stablecoins suggests that the White House no longer sees them as a threat. On the contrary, they are becoming a tool for projecting US monetary policy on a global scale.
• In the future, a new tax jurisdiction could be implemented to encourage crypto startups to return from offshore locations and registrations in Singapore, Malta, and the UAE back to the US.
Comment from the Trump team
The report does not directly mention Bitcoin reserves, but Bo Hines, Trump’s cryptocurrency advisor, said:
“The infrastructure for Bitcoin reserves is already being developed. Details will follow.”
This confirms that crypto could become part of Trump’s economic platform in 2025.
The White House working group’s report marks a turning point — the US is not only not banning crypto, but is preparing to take control of the global crypto space. If the recommendations are implemented, this will increase the flow of capital into American projects and create standards that the whole world will follow.
Source: https://t.me/relocationrs/1247
