Trump's Crypto Plan: Green Light for Digital Asset Trading?
Key Takeaways from Trump's Crypto Report
A 168-page crypto report is urging Congress to enhance crypto legislation, aiming to fulfill Donald Trump's promise of making the United States a crypto leader.
On July 30th, a crypto working group established by President Donald Trump released a detailed document outlining cryptocurrency regulation.
The 168-page report covers jurisdictional oversight, banking regulations, crypto reserves, and tax policies for cryptocurrencies.
This initiative stems from an executive order issued by President Trump in January, forming the President’s Working Group on Digital Asset Markets, led by Bo Hines.
The group includes key figures such as U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick.
Report Recommendations
The released fact sheet emphasizes positioning America as a leader in digital asset markets, urging Congress to build on the bipartisan CLARITY vote.
The SEC and the Commodity Futures Trading Commission (CFTC) are encouraged to use their existing authority to:
“Immediately enable the trading of digital assets at the Federal level.”
The report also highlights modernizing bank regulations and combating illicit finance.
The Trump Administration aims to end regulatory efforts that restrict banking services to the digital asset industries.
To combat illicit finance, Congress is urged to clarify AML/CFT obligations for decentralized finance participants.
The report also seeks to strengthen the U.S. dollar through the widespread adoption of dollar-backed stablecoins to modernize payment infrastructure.
Earlier in July, during "crypto week," Trump signed the GENIUS Act into law, establishing federal rules for stablecoins, a move seen as a significant win for the crypto industry, helping to legitimize it through a solid regulatory framework.
The working group advises that the Treasury and banking agencies:
“Faithfully and expeditiously implement GENIUS.”
The Treasury and U.S. agencies should also promote private sector leadership in developing innovative cross-border payments and financial market technologies.
Additionally, Congress is urged to pass the CBDC Anti-Surveillance State Act, prohibiting the research and development of a central bank digital currency in the U.S.
To ensure fairness and predictability in crypto taxation, the report advocates for tax rules that ease compliance for businesses and individuals.
The Treasury and IRS are encouraged to reduce burdens on taxpayers by providing guidance on topics like CAMT, wrapping transactions, and de minimis receipts of digital assets.
Senior administration officials described the report as the most comprehensive product released for digital assets during a press briefing.
The U.S. SEC recently approved an in-kind basis for crypto ETFs to enhance tax efficiency.
According to ETF analyst Eric Balchunas on X, these approvals indicate that the SEC is ready to treat crypto as a legitimate asset class.
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