The White House has released a highly anticipated cryptocurrency strategy report, spanning 163 pages, outlining the U.S. government’s foundational approach to cryptocurrencies. Contrary to industry expectations, the report provides limited new information surrounding Bitcoin 
$91,967 reserves. The document primarily serves as a guideline to measure governmental progress in the sector.
The White House Cryptocurrency Report
This report aims to present the comprehensive strategy of President Donald Trump’s administration towards cryptocurrencies by summarizing major and secondary policy efforts initiated this year. Despite its breadth, experts following the industry closely observed the absence of any groundbreaking policy announcements or details within the document. It sets a general framework, created as a reference for assessing the government’s progress in cryptocurrency policies.
According to a senior official, the report is positioned to act as “a fundamental reference point” for evaluating the government’s progress. When comparing crypto-related initiatives from the Trump administration to those during Joe Biden’s presidency, the current administration has seen a quicker rollout.
The recent enactment of the GENIUS Act regulates U.S.-based stablecoins, while a new legislative proposal named the Clarity Act, concerning the cryptocurrency market‘s general regulation, has passed the House of Representatives and is currently under Senate consideration. These developments indicate rapid advancements in the country’s cryptocurrency legislation.
Bitcoin Reserves and Legislative Adjustments
While Trump’s earlier proposal to establish two separate cryptocurrency reserves, including one dedicated to Bitcoin, was noted, it was not elaborately discussed within the report. It merely received a brief mention on the document’s final page, with more information expected in the future.
Bo Hines, a principal crypto advisor to Trump, highlighted that the presidential order mandates detailed reporting of the reserve’s establishment process, though it remains unreleased to the public. Industry representatives feel the projected fund from seized crypto assets by government agencies might fall short and indicate alternative funding sources may be explored.
Some members of Congress are aiding the process by preparing supporting legislation. Senator Cynthia Lummis continues working on the BITCOIN Act, aiming to boost national crypto innovation and technological competitiveness, though the bill has not yet progressed.
Taxation in Cryptocurrencies
The report subtly invites regulatory bodies in the U.S. to take action in addressing cryptocurrency regulations. It references Trump’s ambition to position America as the global “crypto hub,” advocating a progressive stance by the federal government on crypto assets and blockchain technologies.
Despite Congress’s structural regulation steps, SEC Chair Paul Atkins expresses that the agency can act based on existing authorities. The tax section of the report factors in Senator Lummis’s proposals targeting issues faced by crypto users. These potential regulations include setting thresholds for capital gains on crypto transactions and clarifying taxation stages for income from staking activities.
The new U.S. crypto strategy report comprehensively addresses ongoing developments, although it refrains from providing conclusive data on topics like Bitcoin reserves and funding methods. Legislative changes and calls for regulatory action suggest a more active future role for the U.S. in digital assets. Users and industry representatives anticipate the emergence of a user-friendly yet innovative market structure.
