On July 30, 2025, the White House’s President’s Working Group on Digital Asset Markets issued a landmark 160-page report, delivering a sweeping set of regulatory and legislative recommendations designed to thrust the United States into a leadership role in the global digital asset economy. The document is being hailed as the most comprehensive crypto policy framework ever produced by the federal government and has been referred to as the blueprint for a so-called “Golden Age of Crypto.”
This ambitious release builds on key legislative victories earlier in July, most notably the passage and signing of the GENIUS Act by President Trump, which for the first time established a federal regulatory framework for stablecoins. Additionally, the CLARITY Act—a market-structure bill passed by the House—now awaits Senate action, backed by broad bipartisan support.
1. Market Structure & Regulatory Oversight: Roles for SEC and CFTC
The White House roadmap urges Congress to fill existing gaps in crypto regulation by codifying a clear division of responsibilities:
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The Commodity Futures Trading Commission (CFTC) would oversee spot markets for non-security digital assets.
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The Securities and Exchange Commission (SEC) would retain jurisdiction over digital assets deemed securities.
The report presses the Senate to pass the already House-approved CLARITY Act to formalize this dual regulatory model. Meanwhile, it encourages both agencies to immediately use their current authorities to provide clearer rules around trading infrastructure, including registration, custody, and record-keeping. Expanding regulatory sandboxes and offering safe harbor provisions are also recommended to accelerate innovation while maintaining consumer protection.
2. Mainstream Integration: Banking, Tax & Infrastructure
A central theme of the report is the integration of digital assets into mainstream finance and economic infrastructure.
The administration urges banking regulators to provide streamlined pathways for financial institutions to offer services such as crypto custody, stablecoin issuance, and tokenization. It also recommends facilitating access to Federal Reserve master accounts and updating banking charters to reflect new forms of digital financial activity.
On the tax front, the report calls for modernized rules covering mining, staking, small crypto transfers, and wrapped asset transactions. It recommends applying traditional wash-sale rules to crypto and simplifying IRS compliance for everyday users and investors.
Finally, the roadmap encourages the modernization of financial infrastructure through tokenized securities trading, on-chain mortgage servicing, and the incorporation of blockchain into retirement savings platforms and insurance products.
3. Stablecoins and Dollar Dominance: Beyond the GENIUS Act
Following the recent enactment of the GENIUS Act, which requires full-reserve backing, monthly audits, and strict AML compliance for stablecoin issuers, the report pushes for rapid implementation by Treasury and federal banking supervisors.
It also calls for the passage of the Anti-CBDC Surveillance State Act—a bill that would codify a ban on any U.S. central bank digital currency (CBDC). This proposal reflects the administration’s commitment to supporting privately issued dollar-backed stablecoins while opposing the idea of a government-issued digital dollar.
4. Combating Illicit Finance While Respecting Privacy
The report outlines recommendations to modernize anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks without compromising user privacy or innovation.
Key suggestions include clarifying Bank Secrecy Act obligations, especially as they pertain to decentralized finance (DeFi), and recognizing the legitimacy of self-custody wallets. The working group urges regulators to distinguish clearly between illicit finance and lawful crypto activity, cautioning against the misuse of enforcement tools that could infringe on civil liberties.
5. A Strategic Bitcoin Reserve — Still a Mystery
One noticeable omission from the report was any concrete update on the U.S. government’s proposed strategic bitcoin reserve, first announced by executive order earlier this year. While officials have confirmed that infrastructure for the initiative is under development, no timeline or purchase strategy has yet been revealed.
Despite the lack of detail, industry stakeholders have responded pragmatically, focusing on the positive regulatory momentum rather than the absence of specifics on the Bitcoin reserve plan.
6. Reactions from Industry and Markets
Industry Response:
The report received an overwhelmingly positive response from crypto industry leaders, who welcomed the legal clarity and forward-thinking tone. Executives across the ecosystem applauded the document as a milestone that signals a maturing relationship between Washington and the crypto economy.
Market Reaction:
Markets responded cautiously. Bitcoin saw a slight dip, trading near $117,100, shortly after the Federal Reserve announced it would hold rates steady at 4.25–4.5%. Meanwhile, Ethereum continued to attract institutional inflows, and performance across crypto-linked ETFs remained mixed.
7. What’s Next — Legislative & Regulatory Cliff Notes
The White House report functions as both a detailed policy blueprint and a legislative call to action. Many of its recommendations are already reflected in bills that have passed the House—namely the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act.
Key next steps include:
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Senate approval of the CLARITY and Anti-CBDC bills.
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Immediate issuance of guidance from the SEC and CFTC on registration, custody, trading, and sandbox participation.
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IRS and Treasury action to implement updated tax rules and oversight of stablecoin issuers.
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Banking regulators updating their treatment of crypto assets within capital requirements and custodial frameworks.
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A future statement from the White House or Treasury regarding the scope and timeline of the national Bitcoin reserve.
8. Strategic Implications — U.S. Aims to Be Crypto Capital
Taken together, this report marks a dramatic pivot from past federal ambivalence toward crypto to a posture of proactive support and global ambition. It caps months of deregulatory moves, enforcement rollbacks, and alignment of government policy with the broader digital asset economy.
If fully implemented, these policies could position the U.S. as the de facto global hub for crypto development and investment. Legal clarity, modern infrastructure, and inclusive access to crypto services would boost both consumer adoption and institutional participation.
Still, key questions remain: Will the Senate act swiftly? Can regulators balance innovation with investor protection? And when, if ever, will the strategic Bitcoin reserve materialize?
In Summary
On July 30, 2025, the White House released a sweeping 160-page report laying out the federal government’s bold new vision for digital assets. It formalizes a regulatory roadmap, integrates crypto into banking and tax frameworks, and reflects a broad pivot toward embracing the technology as a strategic economic asset.
Though details on the national Bitcoin reserve remain elusive, the report’s breadth and ambition signal a turning point. Whether the United States can turn these proposals into reality will depend on the coming months of legislative and regulatory action.
