In the United States, President Donald Trump’s working group on digital assets has presented a comprehensive report outlining recommendations for improving the regulation of the cryptocurrency market. The document includes a vision for the structure of the crypto industry, proposals for the classification of digital assets, and principles for overseeing this sector.
This is reported by Business • Media
Key Proposals of the Report
The report prioritizes the protection of the rights of individuals and legal entities to use public blockchains, create new technological solutions, participate in mining, validation, conduct transactions, and self-custody of crypto assets. One of the main points is the support for dollar stablecoins as a means of protecting the U.S. national currency.
Particular attention is given to ensuring open access to banking services for all American citizens and companies. The report emphasizes the need for transparent regulation of the crypto asset market with a clear delineation of jurisdictional authorities.
“Cryptocurrency plays an important role in the innovative and economic development of America.”
Regulatory Initiatives and Tax Regime
According to the report, joint oversight of the digital asset sector should be conducted by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The CFTC will have jurisdiction over spot markets. The working group also recommends simplifying the process for obtaining banking licenses for crypto companies and allowing financial institutions to hold crypto assets on their balance sheets, as well as providing a full range of related services to their clients.
Furthermore, the report contains a proposal to the U.S. Congress for the development of a separate tax regime for the cryptocurrency market. It emphasizes that cryptocurrencies are considered a new class of assets but remain subject to existing regulations regarding securities and commodities depending on their category.
At the same time, the group recommends taking measures to protect American citizens from the risks associated with central bank digital currency (CBDC), including a ban on its issuance, circulation, and use.
It is worth noting that recently several companies from the crypto sector applied for a trust bank license. This has met with resistance from the banking lobby, which has urged the Office of the Comptroller of the Currency (OCC) to suspend the issuance of such licenses. Additionally, the U.S. House of Representatives recently approved three industry bills, one of which, signed by Trump, regulates the circulation of stablecoins.