The White House has released a long-awaited report on cryptocurrency detailing several aspects of the industry. However, the anticipated strategic Bitcoin reserve was not developed further.
White House Crypto Report Summary
The 166-page document discusses various aspects of the crypto industry, including banking policies, stablecoins, and illicit finance. While the report mentions the strategic Bitcoin reserve, no further development on the topic is presented.
Reactions from the Bitcoin Community
Bitcoin proponents expressed their disappointment regarding the lack of action on the strategic reserve. CJ Burnett from Compass Mining stated that the absence of reserve management creates "unnecessary uncertainty" and risks falling behind other countries. Meanwhile, some community members, like journalist Susie Violet Ward, noted that the mere mention of Bitcoin is a step forward.
New Proposals for Crypto Industry Regulation
The report offers numerous proposals for updating crypto regulations. One key objective was creating a "taxonomy" for digital assets, alongside a recommendation for banks to custody crypto and offer related services. Changes to taxation are also suggested to improve interactions with tax authorities.
While the White House report includes promising proposals for the crypto industry, the lack of a clear plan for the strategic Bitcoin reserve raises questions about the government's future approach to this sector.
