The White House published a fact sheet on a report by the President’s Working Group on Digital Asset Markets setting out regulatory and legislative recommendations under Executive Order 14178 on digital financial technology. The roadmap calls for a federal market structure framework for digital assets, clearer banking rules and access pathways for crypto-related services, and steps intended to support the role of the US dollar through dollar-backed stablecoins. Key recommendations include legislation building on the House vote for CLARITY to close perceived gaps in oversight by giving the CFTC authority over spot markets for non-security digital assets and recognizing decentralized finance (DeFi), alongside near-term SEC and CFTC action to clarify expectations on registration, custody, trading, and recordkeeping and to use tools such as safe harbors and regulatory sandboxes. Building on the Administration’s claim it has ended “Operation Choke Point 2.0,” banking regulators are urged to clarify permissible bank activities in custody, tokenization, stablecoin issuance, and blockchain use, increase transparency in charter and Reserve Bank master account processes, and align capital rules with the actual risks of digital assets. On payments and national security, Treasury and banking agencies are urged to implement the GENIUS Act stablecoin framework signed on July 18, 2025, and Congress is asked to pass the Anti-CBDC Surveillance State Act to codify the Executive Order provisions banning central bank digital currencies in the United States. The report also calls for clearer BSA obligations and AML/CFT expectations for DeFi and self-custody, safeguards against misuse of authorities affecting lawful activity and privacy, and Treasury and IRS guidance on CAMT, wrapping transactions, and de minimis digital-asset receipts, alongside legislation to treat digital assets as a distinct asset class for federal income tax purposes and to apply wash sale rules.
The White House 2025-07-30
United States' White House Working Group on Digital Asset Markets releases recommendations to reshape federal oversight of crypto markets banking and stablecoins
The White House released a fact sheet on the President’s Working Group on Digital Asset Markets report, recommending regulatory and legislative actions under Executive Order 14178. Key proposals include a federal market structure for digital assets, clearer banking rules for crypto services, and legislation to enhance CFTC oversight of non-security digital assets. The report also urges implementing the GENIUS Act stablecoin framework and calls for Congress to pass the Anti-CBDC Surveillance State Act.