Trump Crypto Working Group Urges Faster Regulation and Tax Clarity for Digital Assets

The Trump administration’s crypto working group has released a 168-page report urging Congress to strengthen U.S. cryptocurrency legislation and modernize regulatory frameworks. The report emphasizes the need for clear guidelines to position the U.S. as a global leader in digital assets. It supports the bipartisan CLARITY Act, calls for immediate federal-level trading of digital assets, and highlights modernizing banking regulations to support crypto businesses and combat illicit finance [1].

A key focus of the report is on anti-money laundering (AML) and counter-terrorist financing (CFT) obligations within decentralized finance. It advocates for the widespread adoption of dollar-backed stablecoins to strengthen the U.S. dollar and modernize payment infrastructure. The recent passage of the GENIUS Act, which establishes federal rules for stablecoins, is praised as a crucial step toward legitimizing the crypto industry. The working group urges Treasury and banking agencies to implement the act faithfully and swiftly [1].

The report also recommends significant tax policy changes for cryptocurrencies. It calls for the Treasury and IRS to publish clear guidance on issues like the Capital Asset Management Tax (CAMT), transaction wrapping, and de minimis receipts of digital assets. These measures aim to reduce compliance burdens for businesses and individuals, creating a more efficient tax environment for crypto participants [1].

Industry reactions highlight the report’s significance. Senior administration officials describe it as the most comprehensive guidance on digital asset regulation to date. The U.S. SEC’s recent approval of in-kind basis for crypto ETFs signals a growing readiness to treat crypto as a legitimate asset class. According to senior ETF analyst Eric Balchunas, these developments reflect a regulatory environment increasingly supportive of crypto innovation and investment [1].

The working group, established by President Trump’s January executive order, is led by Bo Hines. It includes prominent members such as SEC Chair Paul Atkins, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick. Their combined expertise underscores a coordinated federal approach to digital asset regulation [1].

Looking ahead, the report urges Congress to pass the CBDC Anti-Surveillance State Act to prohibit the research and development of a central bank digital currency in the U.S. It also calls for promoting private sector leadership in innovative cross-border payments and financial technologies, ensuring the U.S. remains at the forefront of digital finance [1].

By focusing on regulatory clarity, banking modernization, and tax reform, the report aims to solidify America’s position as the global crypto capital. These recommendations are expected to foster a more robust and innovative digital asset ecosystem in the coming years [1].

Source: [1] [Trump’s Crypto Report Suggests Potential Regulatory Advances for Bitcoin and Digital Assets in the U.S.](https://en.coinotag.com/trumps-crypto-report-suggests-potential-regulatory-advances-for-bitcoin-and-digital-assets-in-the-u-s/)