The latest report from the President’s Working Group, released on July 30, marks the Trump administration’s most ambitious effort yet to establish a regulatory framework for digital assets in the United States. The comprehensive 166-page document clarifies regulatory oversight—assigning explicit roles to the SEC and CFTC—without enacting new legislation.
However, the long-awaited chapter on the U.S. Strategic Bitcoin Reserve remains conspicuously empty. The report provides no guidance on acquisition targets, timelines, or reserve structure, referencing only seized BTC holdings as a foundational asset base.
Bitcoin Reserve: More Rhetoric Than Roadmap
The administration first signaled its intent to establish a national Bitcoin reserve through an Executive Order in March, aiming for a fiscally neutral accumulation strategy based on confiscated coins. Despite these announcements, concrete steps toward implementation are absent. This ambiguity has fueled uncertainty among analysts and triggered skepticism in the markets.
While the regulatory blueprint affirms a firm rejection of a central bank digital currency (CBDC), it introduces regulatory sandboxes for DeFi projects and adopts a principles-based approach for stablecoins, including tax parity with equities. Yet, the missing BTC roadmap has left industry observers underwhelmed. Some critics call the initiative symbolic, arguing it lacks substance and real commitment.