White House Releases Crypto Policy Report, Excludes Strategic Bitcoin Reserve, Prioritizes Innovation

On July 30, 2025, the White House's President's Working Group on Digital Asset Markets unveiled a 168-page crypto policy report, fulfilling the 180-day mandate outlined in Executive Order 14178 issued in January. This landmark document presents a pro-innovation regulatory framework designed to cement U.S. leadership in the rapidly evolving digital asset sector. By prioritizing consumer protections, blockchain integration into the financial system, and clear legislative guidelines, the report addresses critical areas such as market structure, stablecoins, taxation, banking access, decentralized finance (DeFi), and anti-money laundering measures.

Notably, it takes a firm stance against central bank digital currencies (CBDCs) while remaining silent on the anticipated Strategic Bitcoin Reserve and national digital asset stockpile, with officials noting that separate guidance on these topics will follow later.

The report arrives at a pivotal moment for the crypto industry, which has long sought regulatory clarity to foster growth and mainstream adoption. By proposing coordinated efforts between federal agencies, tailored tax policies, and innovative approaches to DeFi, the framework aims to position the United States as a global hub for digital asset innovation. While the full report has yet to be published on the White House press briefing website, the Fact Sheet has been published and is currently available, its key recommendations signal a forward-thinking approach to balancing growth with oversight. Update: The digital assets crypto policy report has been published on the White House website.

Key Recommendations for a Pro-Innovation Crypto Framework

The report urges immediate coordination between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to streamline federal-level trading of digital assets. It emphasizes the need for clarity on registration, custody, trading, and recordkeeping requirements, advocating for the passage of the Digital Asset Market Clarity Act. This legislation would grant the CFTC oversight of non-security spot markets, addressing long-standing regulatory gaps that have hindered market development. Such measures aim to create a cohesive environment where digital assets can thrive under consistent federal guidelines.

Decentralized finance receives significant attention, with the report calling for its integration into mainstream financial systems. It proposes the use of regulatory sandboxes and safe harbors to accelerate the launch of innovative DeFi products without bureaucratic delays. The framework also underscores the importance of protecting self-custody rights and ensuring open access to blockchain networks, reinforcing the decentralized ethos of the crypto ecosystem. These steps are intended to foster innovation while maintaining consumer trust and system integrity.

Stablecoins and banking access are addressed with a push for the rapid implementation of the GENIUS Act, which mandates 100% liquid reserves, transparency, and robust consumer protections for stablecoin issuers. The report calls for an end to discriminatory practices, such as the so-called "Operation Choke Point 2.0," and seeks clearer guidance on bank charters and capital rules for crypto-related risks. By clarifying permissible banking activities, the framework aims to level the playing field for crypto firms seeking to operate within the traditional financial system. This approach is expected to enhance trust and accessibility for both businesses and consumers.

Taxation reforms are another cornerstone, with the report advocating for digital assets to be treated as a distinct asset class with tailored tax rules. The Treasury and IRS are tasked with updating guidance on mining, staking, the corporate alternative minimum tax, and de minimis exemptions for transactions under $300. The report also urges Congress to pass legislation to prevent double taxation, a persistent issue for crypto investors and businesses. These measures aim to simplify compliance and encourage broader adoption of digital assets.

The framework takes a strong stance against CBDCs, supporting the Anti-CBDC Surveillance State Act to prohibit their development in the U.S. It also clarifies Bank Secrecy Act obligations for crypto firms to combat illicit finance and sanctions evasion, aligning with national security priorities. Additionally, the report explores integrating digital assets into traditional financial products like mortgages, 401(k)s, and tokenized securities, while calling for a full audit of government-held digital assets from seizures. These steps aim to enhance financial system integration while addressing risks like money laundering and promoting U.S. dollar dominance through stablecoins.

As the crypto industry continues to evolve, this report marks a significant step toward establishing the U.S. as the "crypto capital of the world." By fostering responsible growth and innovation, the framework seeks to balance the needs of businesses, consumers, and regulators. While the absence of details on the Strategic Bitcoin Reserve and national digital asset stockpile leaves some questions unanswered, the report’s comprehensive approach signals a commitment to shaping a vibrant and secure digital asset ecosystem. Further developments will be closely monitored as the full report and additional guidance are released.