Trump fulfills the campaign’s promise to report digital assets – but the largest encryption challenge is waving on the horizon
Just three days after his inauguration in January, President Trump signed on Executive order It is a promise in the campaign’s path, where he created a working group of digital assets consisting of the most important management personalities that will enter into a new era for encryption in the United States
On Wednesday, the group-which includes Treasury Secretary Scott Besin, Amnesty International and Crypto CZAR DAVID SACKS, and other prominent officials-166 pages a report In detail the new approach to the administration, which Trump pledged will be the exit from his predecessor, President Biden, who coordinated the Blockchain industry.
The report defines areas with different priority for the White House, the foot Pass By Congress earlier in July, to update the anti -money laundering rules.
In inviting a press conference on Wednesday, senior management figures described the report as “the most comprehensive product that was ever produced regarding digital assets.” But while Congress discusses an ambitious bill to create handrails on cryptocurrencies and exchanges, federal agencies are circulating on how the sector police, the work of the White House has just started.
Look for clarity
While Trump fully adopted the role of the chief of encryption, the Wednesday’s report is not the first of the White House. Biden Administration Absolute Its back in September 2022, just weeks before the collapse of Sam Bankman-Fric’s Crypto Exchange FTX.
The Biden report submitted a period of enforcement procedures from agencies that include the Ministry of Justice, the Securities and Stock Exchange Committee, and the Futures Trading Committee for commodity against higher encryption companies, including Coinbase. In response, the Blockchain industry launched a campaign to elect politicians who support rental, full of hundreds of millions of dollars in donations.
He proved that he was successful, as Trump is a set of encryption policies, including the strategy Bitcoin Reserve, pardon for the founder of Silk Ross Olbricht Road, and encryption legislation. He has already made many pledges, with a Wednesday report crowned with a wave of executive orders he signed immediately after taking office. The composition of the working group, full of evaluation officials, reflects the tremendous change in the sea from the Biden administration.
While the main victory for the encryption industry, the report still leaves some questions, including those related to the future scope of the encryption reserve in the federal government. In the press call, one of the officials said that the report focuses on an organizational framework instead of reserve, and said that this should be done soon.
The report also recognizes the restrictions offered by the fact that Congress has not yet passed the market structure bill, which would define a more comprehensive organization for the issuance of encrypted currencies, as well as operating exchanges such as Coinbase. While the SEC and CFTC report encourages more clarity on major jobs such as registration, nursery and trade, many market participants will remain in a state of forgetfulness while Congress continues to discuss legislation.
Although the Senate and the House of Representatives managed to agree on the Stablecoin Bill, the market structure of the market structure that is waving on the horizon will remain more challenging. Trump administration officials have argued that the House of Representatives – the Clarity Law – received support from the two parties, as the report referred to the bill as a “directive star” of the market structure.
The official added: “They built the appropriate basis for this house,” the official added.
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