The Trump Administration's Working Group on Digital Assets has published a report detailing recommendations for regulating cryptocurrencies in the United States. The document addresses market structure, taxation, and regulatory oversight.
Establishing a Taxonomy of Digital Assets
The report emphasizes the need for a clear taxonomy of digital assets to differentiate between cryptocurrencies that are considered securities and those classified as commodities. Oversight of digital assets is expected to be shared between the CFTC and SEC, with the CFTC managing oversight over spot crypto markets.
Banking Regulations and Stablecoin Utilization
The Working Group proposed easing the process for banks to obtain charters in order to store cryptocurrencies and offer digital asset services. Additionally, stablecoins were highlighted as a means to support the US dollar's global dominance.
Taxation Framework for Cryptocurrencies
It is recommended that a tailored tax policy be established, considering the unique features of cryptocurrencies, including staking. The proposal suggests treating digital assets as a new category subject to modified tax rules.
The report from Trump's Working Group on Digital Assets represents a significant step toward establishing a clear regulatory environment for cryptocurrencies in the US, which may foster innovation and protect investors.
