The Trump administration is taking another big step toward making the U.S. a global leader in cryptocurrency. Its Digital Asset Task Force is preparing a new crypto policy report, which is expected to be submitted on July 22.
This move follows an executive order signed by President Donald Trump in January, focused on strengthening America’s position in the crypto industry and pushing the country closer to becoming the world’s “crypto capital.”
Proposal for a Strategic Bitcoin Reserve Funding
The comprehensive crypto report may propose a fundraising plan for a strategic bitcoin reserve that does not increase the burden on taxpayers, as reported by industry insiders. However, the details of the report have not been disclosed yet.
If, ultimately, the proposal for fundraising for the Bitcoin reserve is finalized, the American government will acquire even more power in the digital assets arena. The US’s leadership in the cryptocurrency sector will be redefined with a new crypto report.
New Crypto Regulatory Report in the US
The US federal crypto leaders David Hacks and Bo Hines, along with the senior officials from the Treasury, Commerce Department, SEC, and CFTC, collaborated to form a new crypto report for America. The report is likely to suggest major actions like–
- Forming ideas for a strategic Bitcoin reserve fundraising: not confirmed yet.
- Creating a federal digital asset framework for stablecoin: suggested by the US Congress
- Giving equal access to crypto companies to relish banking services from institutions like the Federal Reserve: Promoting fair access to banking services
“Cryptocurrency Roadmap” in Digital Assets Report
Caroline Pham, the acting Chair of CFTC and task force member called the report a “ cryptocurrency roadmap” as it will highlight the efforts put in by US officials. The report is expected to include regulatory and legislative recommendations as the officials are exploring the establishment of a national digital asset reserve, which Trump established in March.
Final Thought
The US administration’s proactive stance on crypto addresses the challenges and opportunities in cryptocurrency. Recently, the administration also declared a ‘crypto week’ on July 14. The US officials stated that the crypto report moment could be a key moment to influence Trump’s election.
