The White House has published its long-awaited report on digital assets, laying out a national strategy to position the US as a global leader in blockchain, crypto markets, and tokenized finance.While the report spans a broad range of digital asset policy areas, it stops short of providing substantive updates on the government’s planned Bitcoin reserve, instead reiterating language from President Trump’s January executive order without outlining next steps or implementation timelines.
The report follows a January executive order signed by President Trump that created an interagency working group on digital assets and emerging technologies like AI. Led by White House crypto and AI czar David Sacks and executive director Bo Hines, the 166-page document consolidates input from Treasury, Commerce, the SEC, and the CFTC.
Titled “Strengthening American Leadership in Digital Financial Technology,” the report outlines proposals to streamline regulation, support innovation, and modernize oversight. It calls for a unified federal licensing regime to reduce regulatory fragmentation, and a public-private partnership to accelerate blockchain infrastructure and tokenized financial markets.
The plan supports federal R&D funding for open-source smart contracts and on-chain data systems, and promotes AI-driven compliance tools to improve supervision in decentralized markets. It also backs a safe harbor for startups to experiment without immediate regulatory constraints. The report urges Congress to affirm the right to self-custody digital assets and recommends granting the CFTC authority over non-security spot markets. It also calls for updated crypto tax guidance, including treatment of wrapping transactions, unrealized gains, and de minimis use.
The working group supports expanding mobile payment rails and digital ID systems to improve access and boost national competitiveness. It also pushes for a review of DeFi systems and a possible exemption from securities registration for software-controlled protocols. The report follows the recent signing of the GENIUS Act, creating a federal stablecoin framework, and the House passage of the Clarity Act, now under Senate review. Combined, these efforts mark a shift toward a comprehensive and coordinated national crypto policy.
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