A White House-appointed task force has called for comprehensive regulatory reforms to position the United States as a global leader in the blockchain economy, according to sources cited by Bloomberg. The group, established under former President Donald Trump, recommends that federal agencies and Congress act swiftly to create clear rules for digital asset trading, custody, and taxation.
The report specifically urges agencies such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to provide unambiguous guidelines, enabling digital asset transactions on a federal level without delay. Among the proposals: empowering the CFTC with primary oversight of the spot market for non-security tokens, as outlined in the proposed "Digital Asset Market Clarity Act."
Key Recommendations: Clarity, Safe Harbors, and Tax Reform
The expert panel’s recommendations include the establishment of regulatory “safe harbors” to allow financial innovation with minimal red tape, and greater clarity for banks on permissible stablecoin activities and blockchain use cases. The task force also proposes treating digital assets as a distinct asset class for tax purposes, integrating them into frameworks such as the "wash sale" rule.
“By implementing these recommendations, US policymakers can ensure America leads the blockchain revolution and ushers in a golden age of cryptocurrencies,” the White House Digital Asset Markets Working Group stated in its new report.
Implementation Challenges Remain
Despite the ambitious nature of these recommendations, the report remains non-binding. Significant legislative and regulatory steps are needed for implementation. The SEC and CFTC would need to reinterpret their existing authority—or Congress must pass new laws, a process requiring majorities in both the House and Senate, as well as the President's signature.
The report follows Trump’s July signing of a stablecoin bill, signaling a notable policy shift. Once a crypto skeptic, Trump has recently positioned himself as an industry advocate—establishing a national Bitcoin reserve fund and appointing a crypto czar to the White House earlier this year.