The White House has state his plan To inaugurate a “new American golden age”, with a cryptocurrency in its center.
In a 160 pages report On Wednesday, representatives of the White House described a series of recommendations to federal government officials when they began to build a legal framework and a set of regulatory rules for companies that manage cryptographic assets in the United States.
If they are implemented by legislators and regulators, the recommendations would effectively offer cryptographic industry – which spent hundreds of millions of dollars influencing the races of the 2024 congress – all that it had asked during the Biden administration.
Among other articles, the White House recommends that the congress promulgates laws that resolve the long -standing debate on the classification of cryptographic assets and adopt the concept of decentralized financing; that financial surveillance dogs in the meantime use safe ports and regulatory sand trays to “allow innovative financial products to reach consumers without bureaucratic delays”; And that regulators allow banks to treat cryptographic assets and prevent alleged discrimination against cryptographic companies.
“Digital assets and blockchain technologies can revolutionize not only the financial system of America, but also property and governance systems on the economy level,” said the report. “American entrepreneurs who pioneer the new industries using these technologies deserve both clarity on policies that affect their efforts and praise for the progress they have made.”
The report – described as “Regulatory bible“By the head of the Digital Chamber, a Crypto commercial body – was compiled by the working group established by President Donald Trump shortly after his return to the White House in January. Its members include the White House crypto and the IA Tsar David Sacks, whose company VC has invested in several crypto startups, and the supplier secrecy, TETHER.
Many working group recommendations are already under action. In mid-July, the ClarityA legislation that would establish taxonomy for cryptographic assets and to divide the regulatory jurisdiction between the Commission of Titles and Exchanges and the Commodity Futures Trading Commission, adopted the House of Representatives. The same week, Trump signed a separate bill and focused on Stablescoin.
“A few years ago, the guys in cryptography were not excellent for playing lobbying game,” said Charley Cooper, COO at the Cryptographic Firm Ava Labs and former COO at the CFTC. But Trump, “he said,” The cryptography industry has seen an ally. Although a late convert to crypto, once it got there, the door was open. ”
The report of the working group echoes directly to the affirmations in the cryptography circles that the Biden administration sought to crush the industry thanks to a campaign of “regulation by application”. He even borrows the terminology – like the ChokePoint 2.0 operation of the industry to describe the alleged discrimination it would have suffered.
“The Biden administration’s approach with regard to the crypto has been marked by the regulatory surpassing which has the American tradition of adopting new technologies,” said the report. “The election of President Trump marked the end of this false step. It was America’s hard fork – the end of a chain of bad political decisions in favor of an updated and better approach.”
