White House Cryptocurrency Report to Embrace DeFi, But Lacks Progress on Government Reserve Bitcoin or Other Digital Assets

July 30th. According to DoinDesk, based on a highly anticipated report preview that is set to be released by the White House today, the Trump administration's friendly stance towards cryptocurrency indicates that the United States is on the brink of a "Crypto Golden Age" - the federal level will promptly initiate digital asset trading and actively embrace DeFi. In a brief summary document by the President's Working Group on Financial Markets, many of the points emphasized have been progressing in the comprehensive legislative agenda for cryptocurrency formulated by the Trump administration, such as the GENIUS Act (aimed at regulating stablecoins) and the Clarity Act (focused on regulating the crypto market). One aspect that is not yet included - at least not mentioned in the report preview - is specific details regarding the progress and plans of the federal government regarding holding Bitcoin or other digital assets in reserves. However, for crypto practitioners who have endured more than a decade of regulatory uncertainty, witnessing a clear set of rules gradually taking shape in the United States, the world's most important crypto market, still remains highly exciting. One key recommendation in the preview is to urge the two major U.S. financial regulatory bodies - the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) - to promptly address regulatory gaps by providing market participants with clear guidance on issues such as registration, custody, trading, and recordkeeping, and to enable digital asset trading at the federal level without delay. The report also recognizes that integrating DeFi technology - specifically platforms for rapid and automated crypto lending - into the mainstream financial system has significant potential. At the same time, the working group plans to allow innovative financial products to reach consumers without cumbersome approvals by using tools such as "safe harbor provisions" and "regulatory sandboxes". In the banking sector, the Trump administration has previously issued warnings about the so-called "Operation Choke Point 2.0" (which indirectly restricts crypto companies' access to banking services). Looking ahead, the working group suggests creating clearer capital rules and enhancing transparency in the application process for crypto companies seeking a primary account or banking license. Stablecoins are also highlighted in the report as a core topic and are regarded as a "critical tool for strengthening the dollar's global position". Earlier this month, Trump signed the GENIUS Act, which established a federal framework for stablecoins, and the working group recommends that relevant agencies promptly implement the contents of the act. Regarding cryptocurrency taxation, the working group proposes that the Treasury Department and the Internal Revenue Service (IRS) review previous tax guidance on activities such as mining and staking and issue new guidance on issues such as Corporate Minimum Alternative Tax (CAMT) and small-scale digital asset receipts to facilitate daily cryptocurrency payments.