Market News

Authority Urges Clearer Crypto Regulations for a Competitive Edge

A task force appointed by former President Donald Trump has released a significant report championing clearer regulations for the cryptocurrency sector.

The report, unveiled on Wednesday, aims to encourage federal authorities to leverage their existing powers to create more precise guidelines for digital asset trading.

According to the White House, this initiative is crucial for positioning the U.S. as a leader in the blockchain industry, fostering what officials describe as the "Golden Age of Crypto."

Key recommendations include the enactment of the Digital Asset Market Clarity Act, which would empower the Commodity Futures Trading Commission (CFTC) to oversee non-security digital asset markets.

Additionally, the report stresses the importance of integrating decentralized finance (DeFi) solutions into the broader financial ecosystem.

It also calls for expedited actions from both the Securities and Exchange Commission (SEC) and the CFTC to clarify essential areas such as registration and trading of digital assets.

These recommendations align with the recent enactment of the GENIUS Act, which seeks to regulate stablecoins and promote the inclusion of digital assets in the financial landscape.

The upcoming Strategic Bitcoin Reserve is set to include roughly 198,000 Bitcoin seized from criminal activities, with plans for retention and potential acquisition enhancement.

Other focal points in the report encompass clarifying Bank Secrecy Act obligations and proposing modified tax regulations specifically for digital assets.

These comprehensive recommendations signify a pivotal moment for the crypto sector, aiming for a future where innovation and regulation can coexist harmoniously.