In a 166-page White House report, the United States declares its aim to become the "global leader" in blockchain, cryptocurrency, and tokenized finance. After Trump issued an executive order in January, with an unprecedented inter-departmental coordination speed, the White House finally released the Presidential Working Group on Digital Asset Markets Report, stating its intention to usher in a "golden age" of digital finance.
This 166-page report was primarily written by White House Crypto and AI Head "Crypto Czar" David Sacks and Executive Director Bo Hines, integrating opinions from the Treasury Department, Commerce Department, Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC).
US Releases Crypto Strategy Roadmap
According to the White House Fact Sheet, policy focuses on three key areas: providing regulatory certainty, supporting innovation, and strengthening consumer protection. The SEC, Treasury, and CFTC have clear divisions of labor; traditional banks are encouraged to provide custody and tokenization services; for DeFi, the government has for the first time opened a "regulatory sandbox" and "safe harbor" mechanism. The report is filled with ambition, with White House Crypto and AI Head "Crypto Czar" David Sacks emphasizing,
We are laying the foundation for the next financial era, ensuring the United States' position as a global innovation leader.
'GENIUS Act' Stablecoin Regulation Strikes
The 'GENIUS Act' (Guaranteeing Essential National Infrastructure in US-Stablecoins), signed by Trump in July, creates a federal framework for stablecoins: only banks or qualified credit unions can issue them, and they must be 100% reserved in US dollars or short-term Treasury bonds.
The US Treasury becomes the primary regulator, requiring monthly reserve disclosure. More critically, payment stablecoins issued by authorized institutions will not be classified as securities or commodities, effectively excluding the SEC and CFTC and establishing operational rules in one go.
The shadow of TerraUSD's collapse in 2022 has not yet dissipated, and this "regulatory bridge" is seen as the foundation for rebuilding market confidence.
'CLARITY Act' Clears Regulatory Fog
Another piece of the puzzle is the 'Digital Asset Market Clarity Act' (CLARITY Act), which has passed the House and is being sent to the Senate. The act categorizes tokens into "digital commodities," "digital securities," and "permitted payment stablecoins," and introduces a "maturity" test: early-stage project fundraising falls under SEC jurisdiction, but once decentralization standards are met, it can be converted to a commodity under CFTC oversight.
This flexible classification helps new ventures reduce compliance costs and helps investors understand their responsibilities. The act also establishes a "digital commodity exchange" category, simplifying business registration procedures.
The regulatory atmosphere is simultaneously warming. After Paul Atkins took over the SEC, the institution quickly approved Bitcoin, Ethereum, and other crypto asset ETFs using physical creation and redemption mechanisms.
Bitcoin Strategic Reserve 'Absent'
The report is almost comprehensive, but the most anticipated "US Bitcoin Strategic Reserve" has disappeared from the final report. This concept, mentioned in the January executive order, lacks any timeline or implementation details. Speculation suggests this may be due to inter-departmental coordination difficulties or the White House reserving flexibility for future policy tools. Regardless of the reason, this blank space adds more imagination to the narrative of "Bitcoin = Digital Gold".
