The White House Crypto Report will Embrace DeFi but Lacks Progress on Government Reserve Bitcoin or Other Digital Assets

BlockBeats News, July 30th, according to a CoinDesk report, based on a highly anticipated preview of a report set to be released by the White House today, the Trump administration's friendly stance towards cryptocurrency is indicating that the United States is on the verge of entering a "Crypto Golden Age" — at the federal level, rapid implementation of digital asset trading and active embrace of DeFi are imminent.

The many aspects outlined by the President's Working Group on Financial Markets in a brief overview document have already been advanced in a comprehensive legislative agenda on cryptocurrency crafted by the Trump administration, such as the "GENIUS Act" (aimed at regulating stablecoins) and the "Clarity Act" (aimed at regulating the crypto market).

One aspect not yet included — at least not addressed in the report preview — is specific details regarding the federal government holding Bitcoin or other digital assets in their reserves and any plans related to it. Nevertheless, for crypto practitioners who have endured over a decade of regulatory uncertainty, witnessing a clear set of rules gradually taking shape in the United States, the world's most significant crypto market, is still very exciting.

One key recommendation in this preview is to urge the two major U.S. financial regulatory agencies — 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, enabling digital asset trading at the federal level immediately.

The report also acknowledges that integrating DeFi technology — namely, rapid, automated platforms used for crypto lending — into the mainstream financial system has enormous potential. At the same time, the working group plans to allow innovative financial products to reach consumers without cumbersome approval processes by using tools such as "safe harbor provisions" and "regulatory sandboxes."

In the banking sector, the Trump administration had previously issued warnings regarding the so-called "Operation Choke Point 2.0" (i.e., de facto restricting crypto companies' access to banking services). Looking ahead, the working group recommends establishing clearer capital rules and increasing transparency for crypto companies applying for primary accounts or banking licenses.

Stablecoins are also highlighted in the report as a core issue, viewed as a "critical tool to strengthen the global status of the U.S. dollar." Earlier this month, Trump signed the "GENIUS Act" establishing a federal framework for stablecoins, and the working group suggests that relevant agencies promptly implement the provisions of the Act.

Regarding cryptocurrency taxation, the working group suggests that the Treasury Department and the Internal Revenue Service (IRS) reassess previous tax guidance on activities such as mining and staking and issue new guidelines on issues like Corporate Alternative Minimum Tax (CAMT) and small-value crypto receipts to facilitate everyday crypto payments.