Recently, the White House published a long-awaited report outlining the US strategy towards cryptocurrencies. The document spans 163 pages and demonstrates the government's approach to this new asset class.
US Government's Cryptocurrency Strategy
The report aims to present the strategy of President Donald Trump's administration regarding cryptocurrencies, summarizing key and secondary policy efforts initiated this year. Despite its breadth, industry experts noted the absence of significant new policy announcements. The document provides a general framework created as a reference for assessing government progress in cryptocurrency policy.
Bitcoin Reserves and Legislative Changes
While Trump's earlier proposal to establish two separate cryptocurrency reserves, including one for Bitcoin, was mentioned, it was not elaborated in detail within the report. Advisor Bo Hines emphasized that the presidential order requires detailed reporting on the establishment process of the reserve, although such information is currently not available to the public.
Cryptocurrency Taxation
The report subtly invites US regulatory bodies to take action in addressing cryptocurrency regulations. It references Trump's ambition to position America as the global 'crypto hub', advocating a progressive stance by the federal government on crypto assets and blockchain technologies. The taxation section addresses proposals from Senator Lummis related to issues faced by crypto users.
The new US cryptocurrency strategy report comprehensively addresses ongoing developments, while refraining from providing conclusive data on subjects like Bitcoin reserves. Anticipated legislative changes and calls for regulatory action suggest a more active role for the US in digital assets.
