Trump Administration Advocates for Cryptocurrency Advancement in Upcoming Report

According to PANews, a preview of a report set to be released by the White House later today indicates that U.S. President Donald Trump's administration is adopting a favorable stance towards cryptocurrencies, aiming to usher the United States into a 'cryptocurrency golden era.' The report outlines plans to rapidly advance digital asset trading at the federal level and embrace decentralized finance (DeFi). The summary from the President's Digital Asset Market Task Force highlights several initiatives already reflected in Trump's legislative agenda on cryptocurrencies, such as the GENIUS Act for stablecoins and the Clarity Act for regulating crypto markets. The report suggests that U.S. financial regulators, including the SEC and CFTC, should eliminate regulatory gaps and immediately facilitate digital asset trading by clarifying registration, custody, trading, and record-keeping issues for market participants. Additionally, the report acknowledges the potential benefits of integrating DeFi technology into mainstream finance. It proposes using tools like safe harbors and regulatory sandboxes to allow innovative financial products to reach consumers without cumbersome administrative approval processes. The report strongly promotes stablecoins pegged to the U.S. dollar, contrasting with the administration's aversion to central bank digital currencies (CBDCs), and calls for the Anti-CBDC Surveillance State Act to prohibit CBDCs in the U.S. Regarding cryptocurrency taxation, the task force recommends that the Treasury Department and IRS revisit previous guidance on the tax treatment of activities such as mining and staking. It also calls for guidance on corporate alternative minimum tax (CAMT) and micro-income from digital assets, which would significantly simplify the use of cryptocurrency payments. The full report is expected to elaborate on the cryptocurrency strategy that the Trump administration has pursued since issuing executive orders early in his tenure. The White House is scheduled to release the digital asset report on July 31 at 2:30 AM UTC+8.