On July 30, according to DoinDesk, based on a highly anticipated report preview to be released by the White House today, the Trump administration's friendly attitude towards cryptocurrencies is signaling the imminent arrival of a "crypto golden age" in the United States - with digital asset trading rapidly launching at the federal level and actively embracing DeFi.
Many of the points outlined in the brief by the Presidential Digital Asset Market Working Group are already being advanced in the Trump administration's comprehensive legislative agenda for cryptocurrencies, such as the GENIUS Act (for regulating stablecoins) and the Clarity Act (for regulating the crypto market).
What is not yet included - at least not addressed in the report preview - are specific details about the progress and plans for the federal government to reserve Bitcoin or other digital assets. Nevertheless, for crypto practitioners who have experienced over a decade of regulatory uncertainty, seeing a comprehensive set of clear rules gradually taking shape in the United States, the world's most important crypto market, is still incredibly exciting.
A key recommendation in the preview is to require the two major US financial regulatory agencies - the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) - to quickly fill regulatory gaps by "providing clear guidance to market participants on issues such as registration, custody, trading, and record-keeping", and immediately enable digital asset trading at the federal level.
The report also acknowledges the enormous potential of integrating DeFi technology - rapid, automated platforms for crypto lending - into the mainstream financial system. Meanwhile, the working group plans to allow innovative financial products to reach consumers without cumbersome approvals by using tools such as "safe harbor clauses" and "regulatory sandboxes".
In the banking sector, the Trump administration had previously warned about the so-called "Pinch Operation 2.0" (effectively restricting crypto companies' access to banking services). Looking forward, the working group recommends establishing clearer capital rules and increasing transparency for crypto companies applying for main accounts or bank licenses.
Stablecoins are also listed as a core issue in the report, viewed as an "important tool for strengthening the global status of the US dollar". Earlier this month, Trump signed the GENIUS Act establishing a federal framework for stablecoins, and the working group recommends that relevant agencies quickly implement the law's contents.
Regarding cryptocurrency taxation, the working group suggests that the Treasury Department and the Internal Revenue Service (IRS) re-examine previous tax guidelines for activities such as mining and staking, and issue new guidelines on issues like the Corporate Alternative Minimum Tax (CAMT) and micro digital asset receipts to facilitate daily payments using cryptocurrencies.
