The long -awaited white house crypto strategy is out, but the 163 -page report cannot say to the cryptography industry that it does not already know – including the federal reserves of Bitcoin, which remain a black box for a sector wishing to learn something new.
The report offers the most complete plan of President Donald Trump’s Crypto push to date, covering all major political efforts and minors in progress this year. However, for an industry that follows each of them, it does not offer revelations of new initiatives or does not in depth individual political activities.
High administration officials said on Wednesday that it was designed as a guidance element compared to which government’s progress could be measured. So far, progress has been considerable compared to the administration of former president Joe Biden. A new law, the law on engineering, already requires regulations to govern the American emitters of stable and even more important legislation to establish rules for the wider cryptographic markets, known in the Chamber under the name of Clarity Act, has erased the House of Representatives and is underway in the Senate.
But in the report, Trump’s previous call to Crypto Stockpiles – one for Bitcoin (BTC) and another for all other digital assets – only made the last page of the report, where the initiative was largely summarized without the detail which has not been proposed before.
One of the officials said the infrastructure was well advanced for this project and that there will soon be more information.
Bo Hines, one of Trump’s best cryptography advisers, had suggested earlier this month that the president’s decree for reservations had required a report on the process, but the administration did not yet make it public and could choose not to do so. The absence of details had many crypto observers hoping that the plans could be revealed in the more complete document of this week.
The challenges of the industry remain high on this project, which had initially disappointed many observers by promising a fund built solely on the assets seized organically by government agencies, but this also alluded to the desire of the administration to find other ways to finance it. Congress legislators can also play a role by working on legislation that strengthens the process. Senator Cynthia Lummis was at the forefront of this with her strengthening of innovation, technology and competitiveness thanks to an optimized law on a national scale (Bitcoin), but she has not yet changed.
A call to action
Meanwhile, Wednesday’s report could be read while sitting on American regulators as a call for action. The group of regulators who agreed to its content “encourages the federal government to operation the promise of President Trump to make America the” cryptographic capital of the world “and to adopt a pro-innovation state of mind towards digital assets and blockchain technologies,” said the report.
More specifically, its basic recommendations suggest that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) “should use their existing authorities to immediately allow the trade in digital assets at the federal level”. This is a pressure to start with the regulations, even though the congress produces its market structure work, and although the CFTC still lacks permanent leadership under Trump, the president of the Sec, Paul Atkins, suggested that his agency had the authorities to act.
The report also included a fiscal section which echoes a number of ideas also pushed by Senator Lummis, president of the Senate Banking Committee Sub-Comeding on Digital Assets. A set of tax revisions that it has included in its legislative effort aims to reduce the charges on crypto users, including by fixing a minimum value by which a transaction must be subject to capital-gains considerations and to a recast from the moment when gains must be taken into account in cryptographic rewards of practices such as stimulation.
Read more: Why don’t the United States yet have a Bitcoin reserve?
