On July 22, the White House will officially unveil its first cryptocurrency policy report, marking a significant milestone in efforts to establish a comprehensive federal legal framework aimed at promoting sustainable growth in the digital economy.
This move follows recent legislative advancements such as the CLARITY and GENIUS Acts, reaffirming the United States’ commitment to solidify its pioneering position globally in the digital asset space.
New Roadmap for Managing Stablecoins, CBDCs, and Cryptocurrencies
The report is built upon Executive Order 14178 (issued in 2022) and aims to create a synchronized approach among federal agencies regarding digital asset regulation. Key issues expected to be addressed include:
- Stablecoin Regulation: Ensuring stability and transparency.
- Enhanced Crime Prevention: Tackling cryptocurrency-related crimes.
- Development of a Digital Dollar (CBDC): Exploring a Central Bank Digital Currency.
- Environmental Impact Assessment: Evaluating the effects of cryptocurrency mining.
Notably, the U.S. may consider establishing a national digital asset reserve fund, utilizing tokens seized from legal violations.
Related: Trump Media Reports Accumulation of $2 Billion in Bitcoin Assets
Laying the Foundation for Order and Innovation
The report is anticipated to provide clearer regulations regarding market structure, ensuring financial access for cryptocurrency businesses and enhancing consumer protection. This will serve as a basis for shaping policies on taxation, classification, and oversight of digital assets, including emerging areas like decentralized finance (DeFi) and non-fungible tokens (NFTs).
CFTC Commissioner Caroline Pham stated:
This report is not just a strategic roadmap but also a guiding principle for the United States to lead in the promising era of digital assets.
