The Trump administration’s Digital Assets Working Group has officially released its long-awaited report detailing policy guidance for regulating cryptocurrencies in the United States. The document covers a wide array of topics, including market structure, agency oversight, banking access, stablecoin policy, and crypto taxation.
A central issue addressed in the report is the classification of digital assets—distinguishing which tokens should be considered securities versus commodities. This foundational step, referred to as building a digital asset “taxonomy,” is seen as key to clarifying regulatory boundaries.
The report suggests that regulatory authority should be shared between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Under the proposed framework, the CFTC would oversee spot markets for commodities like Bitcoin, while the SEC would manage enforcement around tokens deemed securities.
The report emphasizes collaboration between both agencies as critical to forming a robust regulatory environment. With clearer rules, the authors argue, the United States can solidify its leadership in the digital asset space.
“A coherent regulatory structure will help foster American innovation, defend investors against bad actors, and maintain the global reputation of our capital markets,” said SEC Chair Paul Atkins in response to the release.
Banking Access and Crypto Services
The working group also addressed the need for more open banking regulations when it comes to digital assets. They propose making it easier for financial institutions to gain banking charters and offer crypto-related services like custody, emphasizing the importance of transparency in the process.
Stablecoins were a significant focus, with the report advocating for broader acceptance of dollar-backed digital assets as a way to support the global dominance of the U.S. dollar.
As anticipated, the document reiterates support for the CBDC Anti-Surveillance State Act, calling on Congress to block any federal efforts to develop a U.S. central bank digital currency. Still, it acknowledges that stablecoins share many operational features with CBDCs, including the ability to freeze or seize assets in coordination with law enforcement.
Tailored Tax Guidelines for Crypto
On taxation, the report recommends that Congress develop a new approach specific to digital assets. The current tax code, they argue, does not account for the unique nature of crypto technologies, including staking rewards and token classifications.
The report proposes the creation of crypto-specific tax legislation that adapts existing rules for securities and commodities to better reflect the digital asset ecosystem.
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