Hodl on to your wallets, crypto fans, because the US is stepping up its game! The long-awaited crypto report from President Trump's Working Group on Digital Assets has dropped, and it’s packed with juicy recommendations for regulating digital currencies in the US.
First off, we’ve got the elephant in the room: taxonomies. The report lays down the law on which cryptocurrencies are securities and which are commodities. The goal? Make everything crystal clear, so we all know where we stand. The SEC and CFTC will be the dynamic duo overseeing digital assets, with the CFTC taking the reins on spot crypto markets. Finally, someone’s putting a framework on this wild west.
The big talk around town is whether the US can maintain its digital dominance, and the report seems to think so. The authors argue that a well-defined crypto market structure could make the US the world leader in digital assets. SEC Chair Paul Atkins even weighed in, saying that this regulatory framework is the key to protecting investors and fueling American innovation. In other words, a solid system means everyone wins.
Banks, Stablecoins, and the Future of US Crypto Regulations
Next, let’s talk banks. The working group thinks it’s high time for banks to hop on the crypto bandwagon. Their proposal? Let banks offer custody services and digital asset products. They even want banking regulators to streamline the process of getting a bank charter, making it more transparent and accessible. Crypto meets traditional finance, are you ready for this?
But wait, there’s more! The report also delves into the world of stablecoins, suggesting they’re critical to maintaining the US dollar’s hegemony. In case you were wondering, the authors didn’t shy away from pointing out that stablecoins and central bank digital currencies (CBDCs) are nearly identical. Funny enough, stablecoins can freeze assets to fight illicit use, something CBDCs could also do, if they ever existed.
✅ GENIUS ACT SIGNED INTO LAW
— The White House (@WhiteHouse) July 18, 2025
"The GENIUS Act creates a clear and simple regulatory framework to establish & unleash the immense promise of dollar-backed stablecoins. This could be perhaps the GREATEST revolution in financial technology since the birth of the internet itself." pic.twitter.com/CH5pnznAuf
On the taxation front, the report pushes for Congress to create a custom tax policy for digital assets, accounting for the quirks of things like staking. The group recommends treating crypto as a new class of assets with modified tax rules, similar to those for securities or commodities. Well, isn’t that a fun twist?
The bottom line: the US is seriously considering what could be a major shift in how crypto is regulated. With these new policies, it seems like the country is looking to solidify its position as a global digital powerhouse. Stay tuned, because this is only the beginning.
Gunel Ismayilova
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