The recent crypto report from the White House has not sparked the expected market reaction, despite its extensive calls for regulation.
Key Points from the Crypto Report
The report from the President’s Working Group on Digital Assets titled *Strengthening American Leadership in Digital Financial Technology* calls for regulatory clarity and legislative paths for stablecoins. It also reiterates opposition to a US central bank digital currency and recommends a crypto reserve using seized assets.
Crypto Market's Tepid Response
Despite strong messaging, market reaction was muted. Bitcoin trades slightly at $118,619, Ethereum at $3,866, and XRP is consolidating at $3.14. Other cryptocurrencies, such as BNB, Solana, and Dogecoin, are either down or flat.
Industry Expectations and Takeaways
Analysts believe that while the report outlines long-term changes, it hasn't led to the anticipated short-term actions. Many in the industry are focusing on the need for clarity around token classification and tax rules, raising questions about when real changes will occur.
The crypto market remains cautious after the White House report. While it presents strong intentions, the lack of specific actions hasn't spurred significant price movements.
