The friendly administration with the Donald Trump cryptocurrencies is scheduled to mark the beginning of the “Crypto Golden Age” of the United States, quickly allowing the trade of digital assets at the federal level and also adopting decentralized finances (Defi), according to a preview of a canceled report of the White House later.
Much of what stands out in a concise informative sheet of the president’s working group in digital asset markets is already in motion within the Trump legislative agenda for cryptography: the genius law for Stablecoins and the clarity law to monitor cryptographic markets.
What is not included, at least in the preview of the report, is any detail about progress and plans for the federal government to store bitcoin or other other digital assets.
Even so, for those who have lived more than a decade of regulatory uncertainty around cryptocurrencies, it is still surprising to see that a set of rules takes shape in what is the most important market in the cryptography industry.
The summarized list of the recommendations begins requesting that the financial guards of the United States, the Bolsa and Securities Commission (SEC) and the Basic Products Future Trade Commission (CFTC), had eliminated gaps in the regulatory supervision of the cryptographic, “immediately allow the trade of digital assets at the federal level by providing clarity to the market participants on issues such as custody, custody, negotiation and registration “. “
There is also a recognition of the potential profits that must be taken when integrating the defi technology (automated and rapid movement for loans and borrowed cryptographic active) in conventional finances. In addition, the plan is to “allow innovative financial products to reach consumers without bureaucratic delays through the use of tools such as safe ports and regulatory sandboxes,” said the preview.
The bank industry has already been notified by the Trump administration, so many took to call “Operation Choke Point 2.0”, the rear door denial of banking services to cryptographic companies. Looking towards the future, the working group recommends establishing clearer capital rules and creating transparency around how cryptographic companies can obtain master accounts or bank cards.
Stablecoins, seen as “strengthening the role of the US dollar,” also take the center of the stage in the preview of the report. After the signing of President Trump of the Genius Law earlier this month, establishing a federal framework for Stablecoins, the working group urges agencies to implement it quickly.
The promotion of all the heart of the USD Stablcoins contrasts with the disgust of the Trump administration for the digital currencies of the Central Bank (CBDC), with more calls for a Law of the State of Anti-CBDC surveillance to encode the prohibition of CBDCs in the United States.
When it comes to cryptography taxes, the working group recommends that the Treasury and the review of the Internal Revenue Service issue an orientation previously on the tax treatment of activities such as mining and participation. There is also an orientation call on the minimum corporate alternative tax (CAMT) and minimis digital assets receipts, which would facilitate using payments cryptography.
“By implementing these recommendations, policy formulators can make sure that the United States leads the blockchain revolution and accompany the golden age of cryptography,” said the president’s work group.
The full report is expected to represent a complete accounting of the administration’s cryptographic strategy, as required by Trump’s executive order issued in its opening days in office.
