U.S. President Donald Trump once again expressed his strong will to integrate cryptocurrency into the overall U.S. economy. On the 30th (local time), the White House unveiled a 168-page report prepared by the presidential digital asset working group, ordering all federal government departments to adopt digital assets and ease regulations.
According to foreign media outlets such as The New York Times (NYT) and Axios, this report is the result of a six-month analysis by a working committee formed under an executive order signed by President Trump shortly after taking office in January. The executive order set the enhancement of U.S. leadership in the digital asset industry as a key goal and instructed the drafting of a concrete roadmap to clarify regulations and activate the industry.
The report evaluated digital assets as innovations comparable to historical technological turning points like railroads, aviation, and the internet. The U.S. stated that it must embrace digital assets with an "innovative mindset" and that this could open a new golden age for the economy.
Through this report, the White House specified ▲ expanding the supervisory authority of the Commodity Futures Trading Commission (CFTC) ▲ revising the taxation standards of the Internal Revenue Service (IRS) ▲ increasing the acceptance of digital assets in the banking sector ▲ improving cybersecurity and financial fraud response systems ▲ establishing a tax benefit base for the cryptocurrency industry.
In particular, the report pointed out that the inconsistent definition and regulatory framework for digital assets hinder the expansion of the entire industry. As a result, clarifying the jurisdictional division between the Securities and Exchange Commission (SEC) and the CFTC is becoming more likely, with the majority of cryptocurrency assets being classified as commodity assets supervised by the CFTC. This aligns with the policy stance long demanded by the cryptocurrency industry.
President Trump signed the "Genius Act" earlier this month, legalizing the issuance and circulation of stablecoins. The White House promoted the legislation during a ceremony, calling it "a historical turning point that opens the era of digital dollars." This report also directs the establishment of detailed guidelines regarding bank regulations related to stablecoin issuance.
President Trump emphasized, "The U.S. cannot fall behind in the field of cryptocurrency. Digital assets are the future of U.S. industry, and the government must prioritize innovation over regulation." He supports the institutionalization of cryptocurrencies and global standardization, hinting at the potential restructuring of the international currency order based on digital dollars.
Meanwhile, President Trump and his family have recently been actively involved in cryptocurrency-related businesses. Trump publicly supported a "meme coin" project just before taking office, and along with his sons, he founded the cryptocurrency startup "World Liberty Financial" to issue stablecoins. This company plans to use stablecoins as a payment infrastructure and a means of campaign sponsorship targeting Trump supporters.
Such actions have raised concerns about conflicts of interest. The NYT reported, "Trump is utilizing cryptocurrency regulations as president while simultaneously leveraging this for his family's business," raising alarms. This is in stark contrast to the regulatory drive for the cryptocurrency industry known as "Chokepoint 2.0" during the Biden administration.
The report ordered the IRS and the Treasury Department to simplify and clarify the tax system for digital assets. It recognizes that the complex tax framework, which includes taxation of trading profits from digital assets, accounting standards for corporate held assets, and regulations for individuals' wallet holdings, acts as a barrier to market activation.
It also specified measures to officially allow the custody, payment, and lending functions of digital assets within the banking sector. Recommendations were made to facilitate access to federal master accounts for digital asset corporations and to ease charter issuance standards.
This report is interpreted as a signal for a policy shift recognizing cryptocurrency as a strategic asset for the U.S. economy, going beyond a mere asset class. The industry views this as the U.S. government's declaration of a "cryptocurrency-friendly transition." The White House stated, "Once regulations and industrial infrastructure for digital assets are completed, the U.S. can rise again as the center of the global financial network."