The Trump administration is preparing to legalize crypto trading at the federal level. A new report from the White House’s digital asset working group recommends giving the green light to digital asset trading across the U.S. by cutting red tape and aligning regulators.
The report calls on the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to work together to address the gaps in oversight. It says the agencies should “immediately enable the trading of digital assets at the federal level” by making rules clear on trading and recordkeeping.
It also proposes “safe harbors and regulatory sandboxes” to help companies launch new products without long waits or complicated rules.
Big Support for DeFi and Stablecoins
The working group also supports decentralized finance (DeFi), which is a thriving part of the crypto space where users can lend, borrow, and earn interest without going through banks.
In addition, it also gives a big push to stablecoins, which are tokens that are backed by the U.S dollar. Meanwhile, this follows the recent signing of the GENIUS Act for stablecoins earlier this month. The working group urges agencies to act quickly to enforce this bill as soon as possible..
However, the report does not support government-controlled digital money, also called CBDCs (Central Bank Digital Currencies). Instead, it supports the Anti-CBDC Surveillance State Act, which would stop the U.S. government from creating its own digital currency.
Banking Access and Tax Fixes for Crypto Firms
The report calls out banks for quietly limiting crypto companies’ access to financial services. This practice, often called “Operation Choke Point 2.0,” drew criticism from crypto supporters. However, the new plan pushes for more transparency around how firms can get bank accounts and federal charters.
On taxes, the working group recommends that the Treasury Department and IRS update their crypto policies. It calls for fresh guidance on mining, staking, small transactions, and how companies should handle digital assets under the corporate tax code.
“By implementing these recommendations,” the group writes, “policymakers can ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto.”
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