The White House cryptocurrency report will actively embrace Decentralized Finance, but lacks progress on government reserves of Bitcoin or other digital assets.

On July 30, according to DoinDesk, a highly anticipated report preview set to be released by the White House today indicates that the Trump administration's friendly attitude towards cryptocurrencies suggests that the United States is about to enter an "era of crypto gold"—the federal level will quickly initiate digital asset trading and actively embrace DeFi. Many points highlighted in the President's Digital Asset Market Working Group's briefing document are already being advanced in the comprehensive legislative agenda the Trump administration has set for cryptocurrencies, such as the GENIUS Act (for regulating stablecoins) and the Clarity Act (for regulating the crypto market). What has not yet been included—at least not mentioned in the report preview—are specific details regarding the federal government's progress and plans for holding Bitcoin or other digital assets. Nevertheless, for those in the crypto industry who have endured over a decade of regulatory uncertainty, it is still exciting to see a complete set of clear rules gradually taking shape in the world's most important crypto market. A key recommendation in the preview is to urge the two major U.S. financial regulators—the SEC and CFTC—to quickly fill the regulatory gaps by "providing clear guidance to market participants regarding registration, custody, trading, and record-keeping issues," and to immediately enable digital asset trading at the federal level. The report also acknowledges the significant potential of integrating DeFi technology—namely, fast, automated platforms used for crypto lending—into the mainstream financial system. Meanwhile, the working group plans to allow innovative financial products to reach consumers without cumbersome approvals by utilizing tools such as "safe harbor provisions" and "regulatory sandboxes." In the banking sector, the Trump administration has previously warned about the so-called "Constraining Action 2.0" (which effectively restricts crypto companies from obtaining banking services). Looking ahead, the working group recommends establishing clearer capital rules and enhancing the transparency of crypto companies applying for master accounts or banking licenses. Stablecoins are also listed as a core topic in the report, seen as "an important tool to strengthen the global position of the dollar." Earlier this month, Trump signed the GENIUS Act to establish a federal framework for stablecoins, and the working group recommends that relevant agencies quickly implement the provisions of the Act. Regarding cryptocurrency taxation, the working group suggests that the Treasury and the IRS re-examine previous tax guidelines related to activities such as Mining and stake, and issue new guidance on the Corporate Alternative Minimum Tax (CAMT) and micro digital asset receipts, to facilitate everyday payments using cryptocurrencies.