The US President Donald Trump’s President’s working group on Digital Assets has published his Crypto report that has long been promised to describe policy recommendations to regulate crypto in the United States, including the structure of the cryptographic market, jurisdictional surveillance, banking regulations, promoting the hegemony of the US dollar through stablescoins and the taxation of cryptocurrencies.
Establish a “taxonomy” of digital assets By clearly defining which cryptocurrencies are reportreleased Wednesday.
According to document recommendations, judicial surveillance on digital assets should be shared between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), the CFTC having SPOT CRYPTOGRAPHICAL SHOWS.
The working group has recommended that the SEC and the CFTC collaborate on cryptographic surveillance. The chips of raw materials should be governed by the CFTC, while other tokens considered as titles will be subject to the monitoring of the dry. The authors of the report indicate that a clearly defined cryptographic market structure would make the United States a world leader in digital assets.
“A rational regulatory framework for digital assets is the best way to catalyze American innovation, to protect investors from fraud and to keep our capital markets in the envy of the world,” said the president of the dry Paul Atkins wrote In response to the report.
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Banking regulations must be relaxed, clearly defined
Allowing banks the opportunity to hate crypto and provide digital asset services to customers was a key policy proposal described by the working group.
The group recommended that banking regulators will ration the process Acquire a banking charter and make requirements more transparent.
Stablecoins and payments have also been described in the report, approaching the need to embrace stablecoins for Protect the hegemony of the US dollar.
As expected, the authors urged the congress to pass the CBDC Anti-Surveillance State Act And prohibit the research and development of a digital currency from the central bank in the United States.
However, the report has highlighted many features that make the CBDC stable stablecoins.
“A unique characteristic of Stablecoins is that stablecoin issuers can coordinate with the police to freeze and enter assets to counter illegal use,” wrote the authors.
Establish clear regulations around taxation
Finally, the report recommended that the congress establish a Tailor-made tax policy for cryptocurrencies This takes into account the unique characteristics of the asset class, including jaltitude.
“The legislation must be adopted which deals with digital assets as a new class of assets subject to modified versions of the tax rules applicable to basic securities or products for federal tax purposes,” said the report.
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