The White House working group on digital asset markets has released recommendations for regulating the industry. The document aims to usher in a “golden age of cryptocurrencies.”
The group includes Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and SEC Chairman Paul Atkins.
Division of Responsibilities
The key proposal is to create a “taxonomy” of digital assets. This would clearly define which cryptocurrencies are considered securities and which are commodities.
Oversight of the market will be divided between the SEC and the CFTC. The latter will gain control over spot crypto markets.
Commodity tokens will fall under the CFTC’s jurisdiction, while coins with securities characteristics will be overseen by the SEC. According to the report’s authors, a clear market structure will position the U.S. as a global leader in digital assets.
“A rational regulatory framework is the best way to stimulate American innovation, protect investors from fraud, and keep our capital markets the envy of the world,” commented Atkins on the report.
Banks, Stablecoins, and CBDC
The group recommended simplifying banking rules. This would allow financial institutions to legally hold cryptocurrencies and offer digital asset-related services to clients.
The report emphasizes the need to support stablecoins to maintain the dominance of the U.S. dollar. The authors noted that issuers of “stable coins” could coordinate with law enforcement to freeze and seize assets.
Simultaneously, the group urged Congress to pass legislation against CBDC, prohibiting research and development in the U.S.
New Taxation Rules
The report suggests Congress establish a special tax policy for cryptocurrencies. This should account for the unique characteristics of this asset class, including staking.
The document recommends enacting a law that would treat digital assets as a new asset class for tax purposes.
The report does not mention a plan to create a federal reserve in Bitcoin. U.S. President Donald Trump’s cryptocurrency advisor Bo Hines stated that work on the infrastructure for this is underway, with details to be revealed later.
🚨EXCLUSIVE: We sat down with @BoHines, Executive Director of the White House Crypto Council, inside the @WhiteHouse to dig into the Administration’s new crypto report.
Beyond breaking down the document’s key recommendations, we tackled today’s hottest topics — from Brian… pic.twitter.com/gkVxGbc1AJ
— Crypto In America (@CryptoAmerica_) July 30, 2025
President signed the GENIUS Act, which sets rules for stablecoins and marks the first significant regulatory act for the crypto industry in the country.