Key Notes
- The White House has scheduled the release of a crypto policy report for July 30.
- The document holds information on President Donald Trump’s administration’s stance on crypto-related subjects like tokenization.
- The cryptocurrency working group, established in the early days of Trump’s administration, is responsible for the release of the crypto policy report.
The White House has scheduled the release of a crypto policy report for July 31, keeping the broader cryptocurrency sector in anticipation mode.
This document holds details of the federal government’s stance on crypto assets as well as guidelines for lawmakers in the industry.
Donald Trump’s Administration Comes up With Crypto Policy Report
Cody Carbone, CEO of The Digital Chamber, called the incoming report a “regulatory Bible” and a “big deal” for good reason. It’s expected to guide every rule and directive the government rolls out over the next three and a half years.
It holds information on President Donald Trump administration’s stance on crypto-related subjects like tokenization. It is also designed to deliver market-defining crypto legislation and other issues that are important to the digital asset industry.
For context, Trump established a cryptocurrency working group barely a week after he assumed the office of the President of the United States for the second time. Notably, he made sure to exempt the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) from this bloc, hinting at a fresh approach to crypto policy in the United States.
The exclusion of these agencies was associated with accusations of Operation Choke Point 2.0, where regulators allegedly pressured banks to restrict services to crypto firms. Now this cryptocurrency working group is leading the release of the crypto policy report.
The upcoming release of the crypto policy report reflects the investment and dedication of the working group over the last six months.
Paul Atkins, the current SEC Chairman, has done a lot of work in the Commission, including forgoing several crypto enforcement actions levied during Gary Gensler’s rule.
Other Plans of Trump’s Crypto Working Group
However, the new working group plans to put up structures and frameworks to make sure that firms can offer blockchain-based stocks and bonds.
Meanwhile, the same Trump administration recently signed the GENIUS Act into law, marking a new era for stablecoins.
Under this new rule, stablecoin providers are required to undergo third-party audits to demonstrate the validity of their reserves. Such audits must be completed to the satisfaction of lawmakers before these stablecoins can operate legally within the US.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
