The Digital Assets Working Group of the Trump administration has presented a long-awaited report containing recommendations for cryptocurrency regulation in the US. The document covers key aspects, including market structure, oversight authority, banking rules, taxation, and the use of stablecoins to strengthen the dollar's position. The report aims to eliminate regulatory uncertainty and provide a foundation for the development of the crypto industry.
The primary objective of the report is to create a clear 'taxonomy' of digital assets that distinguishes cryptocurrencies as either securities or commodities. This distinction will remove years of ambiguity that have hindered industry growth. The oversight functions are proposed to be divided between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The CFTC would oversee cryptocurrency spot markets, while the SEC would retain authority over tokens deemed securities.
'A rational regulatory framework for digital assets is the best way to stimulate American innovation, protect investors from fraud, and keep our capital markets the envy of the world,' stated SEC Chairman Paul Atkins.
One of the key proposals of the report is to allow banks to hold cryptocurrencies and offer related services to clients. The working group recommends simplifying the process of obtaining banking licenses and making requirements more transparent. These changes could fundamentally transform the traditional US banking sector, which has so far avoided dealing with cryptocurrencies due to unclear regulatory standards.
The report emphasizes the importance of stablecoins in maintaining the global dominance of the US dollar. The authors urge Congress to pass the Anti-CBDC Act, which would prohibit research and development of a central bank digital currency (CBDC) in the US. However, the document notes the similarities between stablecoins and a CBDC, indicating that stablecoin issuers can work with law enforcement to freeze or confiscate assets to combat illegal activities.
The report proposes the development of a specialized tax policy for cryptocurrencies, taking into account their unique features, including staking. 'Legislation should be enacted that considers digital assets as a new class of assets subject to modified versions of tax rules applicable to securities or commodities,' the document states. This will create favorable conditions for innovation while fulfilling tax obligations.
The recommendations presented may serve as the basis for comprehensive legislative reform of the cryptocurrency industry in the US. Implementing the proposals will require close coordination between regulators and Congress in the coming months. If successfully realized, the US could fortify its status as a global leader in digital assets, ensuring a balance between innovation, investor protection, and market integrity.