In a surprise move, the White House has released a 160-page report outlining its plan to usher in a “new American Golden Age” with cryptocurrency at its center. The report recommends that Congress enact laws resolving the debate over crypto asset classification and embracing decentralized finance.
Additionally, the White House suggests financial watchdogs use safe harbors and regulatory sandboxes to allow innovative products to reach consumers quickly. Regulators are also advised to let banks deal in crypto assets and prevent alleged discrimination against crypto businesses.
The report claims that digital assets and blockchain technologies can revolutionize America’s financial system and economy-wide governance. President Trump’s working group compiled the report, which includes White House crypto and AI czar David Sacks and commerce secretary Howard Lutnick.
Many of the recommendations are already being implemented, including the passage of the CLARITY Act in the House of Representatives and a stablecoin-focused bill signed into law by Trump.
Critics argue that this plan is an attempt to line up Trump’s interests with those of the crypto industry, while supporters see it as a positive shift in policy towards embracing new technologies.
The working group report echoes claims that the Biden administration sought to crush the crypto industry through “regulation by enforcement.” The White House did not immediately respond to comments on this plan.
Source: https://www.wired.com/story/donald-trumps-new-crypto-bible-is-everything-the-industry-ever-wanted