Securities Regulation Daily Wrap Up, BLOCKCHAIN—President’s digital assets working group releases roadmap to ‘make America the crypto capital of the world’, (Jul 31, 2025)
Organizations Mentioned:Digital Asset | President's Working Group
The report aims to ensure that the United States “leads the blockchain revolution and ushers in the Golden Age of Crypto.”
A new report by the President’s Working Group on Digital Asset Markets aims to provide a roadmap “adopt a pro-innovation mindset toward digital assets and blockchain technologies” and “make America the crypto capital of the world.” The 166-page report, Strengthening American Leadership in Digital Financial Technology, was released July 30, 2025.
The Working Group said that crypto entrepreneurs who pioneer new industries deserve clarity on policies and “praise for their efforts.” The group added that the crypto movement should be recognized and that “no President gave this movement the recognition it deserves until President Trump.”
Federal market regulators lauded the report.
“As the report makes clear, the SEC will continue to play a key role in developing a federal framework by using its existing authorities to establish new rules and regulations, and to implement any new legislation crafted by Congress,” said SEC Chairman Paul S. Atkins.
Atkins said he appreciated the report’s call for enhanced collaboration between the SEC and CFTC and other federal agencies to ensure that the approach is unified, clear, and consistent.
CFTC Acting Chairman Caroline Pham praised President Donald Trump’s leadership of federal government in providing a “long-overdue roadmap.”
“This report represents a unified approach under the Trump Administration to usher in a golden age of crypto, and the CFTC stands ready to fulfill our mission to promote responsible innovation, safeguard our markets and ensure they remain the envy of the world,” said Pham.
Rep. French Hill (R-OH), chair of the House Financial Services Committee, welcomed the report and urged Congressional action.
“I’m pleased to see the Working Group’s strong support of the CLARITY Act and look forward to continued collaboration with my Senate colleagues and the Trump administration to make the President’s full vision a reality,” said Hill. ““Now that the GENIUS Act is law and the CLARITY Act received overwhelming bipartisan support in the House, the Senate must expeditiously work to deliver such critical market structure legislation to President Trump’s desk.”
SEC and CFTC. The Working Group concluded that “a fit-for-purpose market structure framework is essential” to support growth and innovation in the digital assets industry, protect consumers, and keep the United States at the forefront of digital asset development.
The report urges Congress provide the CFTC authority to oversee spot markets for non-security digital assets.
The report also recommends that the SEC and CFTC use their existing authorities to “immediately enable the trading of digital assets at the Federal level” by providing clarity to market participants on issues including registration, custody, trading, and recordkeeping.
The report further recommends that the SEC and CFTC should “allow innovative financial products to reach consumers without bureaucratic delays” through the use of tools like safe harbors and regulatory sandboxes.
Other recommendations. The report makes further recommendations for regulators including:
Relaunch crypto innovation efforts to clarify permissible bank activities in custody, tokenization, stablecoin issuance, and the use of blockchains.
Promote transparency regarding the process for institutions to obtain bank charters or Reserve Bank master accounts.
Ensure that bank capital rules are aligned with the actual risks associated with digital assets, not simply the fact of their presence on a distributed ledger.
Treasury and the banking agencies should faithfully and expeditiously implement the GENIUS Act.
Congress should take additional action to protect privacy and civil liberties by passing the Anti-CBDC Surveillance State Act to codify the provisions of the President’s Executive Order banning Central Bank Digital Currencies in the United States.
Treasury and the appropriate regulators should provide clarity regarding BSA obligations and reporting.
Congress should reinforce the importance of self-custody and clarify the AML/CFT obligations of actors within the decentralized finance ecosystem.
Regulators should work to prevent the misuse of authorities to target lawful activities of law-abiding citizens and protect citizens’ privacy.
Treasury and the IRS should reduce burdens on taxpayers by publishing guidance on topics related to CAMT, wrapping transactions, and de minimis receipts of digital assets.
Treasury and the IRS should review previously issued guidance on the tax treatment of activities like mining and staking.
Congress should enact legislation that treats digital assets as a new class of assets subject to modified versions of tax rules applicable to securities or commodities for Federal income tax purposes and add digital assets to the list of assets subject to wash sale rules.
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