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A new report from President Trump’s Working Group on Digital Asset Markets is reportedly calling for clearer rules on crypto trading and an easier path to launch new financial products.
In a fact sheet on the report seen by Bloomberg, the White House says the advisory group Trump established in January has issued a number of recommendations that will “ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto.”
Among the report’s recommendations is for Congress to pass the Digital Asset Market Clarity Act to increase regulatory clarity by providing the Commodity Futures Trading Commission (CFTC) authority to “oversee spot markets for non-security digital assets.”
The report also urges the CFTC and the Securities and Exchange Commission (SEC) to “immediately enable the trading of digital assets at the federal level” by issuing clearer rules on registration, custody, trading and record-keeping.”
Other recommendations include permitting “innovative financial products to reach consumers without bureaucratic delays.”
When it comes to banks, the report recommends more clarity on “permissible bank activities” for stablecoins and use of blockchain technology.
The report also calls on the Treasury Department and other regulators to clarify Bank Secrecy Act obligations and reporting requirements, which are rules meant to curb money laundering.
When it comes to taxation, the report urges Congress to pass legislation that “treats digital assets as a new class of assets subject to modified versions of tax rules applicable to securities or commodities.”
The report also seeks to add wash rules to crypto assets, which prevent investors from claiming tax losses on a security if they repurchase a similar security within a certain time period.
Another tax-related recommendation is for the Treasury and Internal Revenue Service to clarify how digital assets should be treated under the corporate alternative minimum tax code provisions.