Bo Hines, Executive Director of the White House Digital Assets Advisory Council, released a new report shaping the future of digital assets in the US.
General Provisions of the Report
The new 160-page report prepared by a working group designed to support digital asset markets provides a clear framework for the industry. This aligns with President Trump's promise to make the US the 'crypto capital of the world.'
Three Stages of Sector Development
Hines outlined three main stages that the cryptocurrency sector needs to go through:
* Disruption – Dismantling Operation Chokepoint 2.0 and removing financial hurdles. * Construction – Implementing stablecoin regulation through a new law called the 'Genius Act.' * Implementation – Establishing new market structure regulations, including tax reforms and consumer protection policies.
Challenges and Prospects of Cryptocurrencies
Hines also addressed widespread concerns about cryptocurrencies being used for illicit activities, stating that 'Blockchain provides transparency.' He added that using blockchain to commit crimes is 'foolish' since all transactions can be traced.
The prepared report will serve as a foundation for the 'Clarity Act' and other market structure laws currently being debated in Congress, expected to reach President Trump's desk by October.
