Government unveils extensive blueprint for cryptocurrency regulation under Trump's administration
Trump Administration Unveils Detailed Cryptocurrency Policy Blueprint
The Trump administration has released a comprehensive policy blueprint for cryptocurrencies, aiming to make the United States the 'crypto capital of the world.' The policy, endorsed by President Trump's Working Group on Digital Asset Markets, was established through Executive Order 14178 shortly after Trump took office in January.
The working group, led by Trump official Bo Hines and including Treasury Secretary Scott Bessent and SEC Chair Paul Atkins, calls for significant changes to digital asset regulation. It urges lawmakers to formally recognize the integration potential of decentralized finance technology into mainstream finance.
One of the key recommendations is granting the Commodity Futures Trading Commission (CFTC) authority over spot markets for non-security digital assets. The group also pushes for banking regulators to clarify permissible activities in cryptocurrency custody, tokenization, and stablecoin issuance.
The policy addresses various aspects, including market structure, banking regulations, and tax policy. The working group wants banking regulators to provide guidance on complex issues like mining, staking, and de minimis receipts of digital assets.
In terms of taxation, the group recommends significant changes, suggesting that Treasury and the IRS treat cryptocurrencies as a new asset class. They also push for Congress to pass the Anti-CBDC Surveillance State Act to codify Trump's executive order banning Central Bank Digital Currencies in the United States.
The policy builds on Trump's signing of the Genius Act on July 18, which created the first federal regulatory framework for stablecoins. The administration claims to have ended 'Operation Choke Point 2.0,' regulatory efforts that allegedly denied banking services to the digital assets industry.
The working group's recommendations come two weeks after the House passed the Clarity Act, which establishes broad regulatory guidelines for cryptocurrency. The Senate is considering its own version of the legislation.
The working group's report calls for clarity on Bank Secrecy Act obligations while protecting self-custody rights and preventing authorities from targeting lawful activities of law-abiding citizens. It also urges the Securities and Exchange Commission and CFTC to take immediate action to enable the trading of digital assets at the federal level.
The policy represents a stark departure from the Biden administration's approach, which focused on enforcement actions against major exchanges like Coinbase and Binance. Trump's SEC has since dropped those cases. However, the search results do not contain information about who leads the digital currency market policy working group under President Trump or which other senior government members belong to this group.
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