U.S. releases report on strengthening leadership in cryptocurrency
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U.S. releases report on strengthening leadership in cryptocurrency
but it still did not mention how much Bitcoin the U.S. government currently holds, nor provided new details on whether the government would actively purchase Bitcoin.
Navigating Web3 tides with focused insightsAuthor: Bao Yilong, Wall Street Insights
The U.S. government has released a landmark cryptocurrency policy report aimed at strengthening America's leadership position in digital currencies.
On July 30, the White House released a 166-page report titled "Strengthening American Leadership in Digital Financial Technology," but it still did not disclose how much Bitcoin the U.S. government currently holds, nor did it provide new details on whether the government would actively purchase Bitcoin.
Earlier that day, according to Wall Street Insights, the Federal Reserve's interest rate decision remained unchanged as expected in July, and Powell gave no guidance on a September rate cut, emphasizing uncertainty around tariffs and inflation, while stating the labor market had not weakened. Bitcoin dropped 2.5% from its intraday high. Although Bitcoin prices rebounded following the report's release, it remained in a downward trend.
White House Report Details: Seeking Regulatory Clarity
Despite its extensive length, the core of the White House report lies in providing a clearer legislative and regulatory framework for the industry, with key recommendations covering legislation, regulation, and taxation.
Legislative level:
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Proposes that Congress legislate to affirm individuals' right to transfer crypto assets without intermediaries and to store them in self-custody wallets;
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Authorizes Congress to ban central bank digital currencies (CBDCs);
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Protects software developers building decentralized trading methods;
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Clearly grants the Commodity Futures Trading Commission (CFTC) authority to regulate spot markets for non-security digital assets.
Regulatory and tax level:
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Recommends federal banking regulators adopt technology-neutral risk management practices to avoid discriminating against legitimate crypto businesses.
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Requests the U.S. Treasury and IRS to issue new tax guidance on specific transactions (such as staking) and design simpler reporting rules for digital asset exchanges.
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Calls on Congress to revise tax laws to include digital assets in wash sale rules and securities lending provisions.
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