Bitcoin News Today: White House Crypto Report Omits Strategic Bitcoin Reserve Details Despite Policy Shifts

The White House released its anticipated report on cryptocurrency on January 23, outlining a series of policy recommendations aimed at shaping the evolving digital asset landscape. The report, spanning 166 pages, covers banking policy, stablecoins, and efforts to counter illicit financial activities. While the document references Bitcoin numerous times, acknowledging its foundational role in the crypto industry, it omits significant details regarding the Strategic Bitcoin Reserve, a concept introduced via an executive order in March 2024 [1].

Bitcoin proponents had expected the report to include actionable steps toward the development of the reserve, which would allow the U.S. government to purchase and hold Bitcoin in a manner similar to El Salvador’s strategy. Instead, the White House merely reiterated the terms of the March 6 executive order without introducing new policy directions. This omission has been viewed by some in the Bitcoin community as a missed opportunity for leadership and clarity [2].

Industry experts have expressed disappointment over the lack of progress. CJ Burnett, chief revenue officer of Compass Mining, noted that the absence of any mention of a Strategic Bitcoin Reserve in the report has created “unnecessary uncertainty” and risks putting the U.S. behind other countries in the race for crypto dominance [3]. Similarly, Bitcoin influencer George Bodine criticized the government for what he described as another betrayal of trust, emphasizing the need for a more proactive stance [4].

Despite the criticism, some observers remain optimistic. Calvin Ayre, a Canadian blockchain and Web3 investor, acknowledged that the inclusion of Bitcoin in the report itself was a step forward, as the document attempts to explain the mechanics of digital assets in detail. Bitcoin journalist Susie Violet Ward also pointed out a significant policy shift: the report treats Bitcoin as a distinct asset class, separate from other digital assets, signaling a more nuanced understanding of its role in the financial system [5].

The report also outlines a three-phase regulatory strategy for crypto: a demolition phase to remove rules from the previous administration, a construction phase to collaborate with the industry on new laws, and an implementation phase to pass those laws. It recommends a shared regulatory framework between the Commodity Futures Trading Commission and the Securities and Exchange Commission, with the CFTC overseeing spot crypto markets [6].

In terms of taxation, the report suggests that digital assets should be classified as a new asset class with modified tax rules, similar to securities or commodities. It also proposes that banks be allowed to custody crypto assets and offer crypto-related services, with streamlined processes for obtaining banking charters [7].

Overall, the report aims to foster crypto adoption through policy and legislative efforts to prevent a return to a more restrictive environment, a scenario the industry dubbed “Operation Chokepoint 2.0” under the previous administration [8].

While the strategic Bitcoin reserve remains a pending issue, the report represents a broader shift in the U.S. government’s approach to digital assets, positioning Bitcoin as a strategic asset for the first time in official policy. Whether this will translate into meaningful progress for the Bitcoin community remains to be seen.

Sources:

[1] title1.............................(https://cointelegraph.com/news/white-house-crypto-report-bitcoin-reserve?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound)