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Trump administration releases digital asset report: The US aims to lead in encryption regulation
The Trump administration released a digital asset policy report, indicating the direction for regulating the encryption industry.
In January of this year, Trump requested the establishment of a digital asset market working group and submitted a report outlining suggestions for a digital asset regulatory framework. This long-awaited report was finally released on Wednesday (July 30). This detailed 166-page digital asset policy report frequently mentions keywords such as encryption, cryptocurrency, Bitcoin, DeFi, and Ethereum.
The report outlines a broad regulatory roadmap for cryptocurrencies, presenting policy recommendations that involve multiple crypto-related areas, which can be mainly divided into five categories:
1. Positioning the United States as a leader in the digital asset market
The working group suggests that Congress further enact legislation based on the bipartisan agreement on the CLARITY Act:
At the same time, the SEC and CFTC should leverage their existing powers:
2. Modern Digital Asset Banking Regulation
The report points out that the government has terminated "Operation Choke Point 2.0" and is committed to ending regulatory measures that refuse to provide banking services to the digital asset industry. It is recommended that regulatory agencies take the following measures:
3. Strengthening the Status of the US Dollar
4. Combatting Illegal Finance in the Digital Age
5. Ensure the fairness and predictability of digital asset taxation
The industry generally views the report as a positive signal for Trump’s encryption agenda. Ji Kim, CEO of the Crypto Innovation Council, stated that this report marks a government-wide effort to ensure that the United States maintains its leading position in the golden age of cryptocurrency. Rebecca Rettig, legal counsel at Jito Labs, also believes that this roadmap provides guidance for achieving regulatory transparency in the U.S. crypto industry.
However, despite the report being seen as a "major victory" for the encryption industry, it did not disclose new initiatives or provide in-depth explanations of specific policy measures. Some pending questions still exist, such as the future scale of federal government cryptocurrency reserves. In addition, Congress has yet to pass the market structure bill, which imposes many restrictions on the industry.
Although this report may have "fallen short of expectations," U.S. officials stated that they have laid a solid foundation for the establishment of a regulatory framework. In the future, as more information is released and legislation progresses, the regulatory environment for the encryption industry is expected to become clearer.