White House Crypto Report: A New Era for Digital Assets

In a surprising announcement, U.S. Treasury Secretary Scott Bessent welcomed the crypto industry with the phrase, "Crypto, welcome home!" following the release of a landmark 168-page report from the White House detailing recommendations for crypto regulation. The report covers various aspects including banking regulations, stablecoins, taxation, and measures against illicit activities. Bessent criticized the previous Biden administration's 'hostile' stance towards crypto and encouraged businesses to launch their initiatives in the U.S., stating, "You’ll be glad you did." Industry leaders celebrated the report's comprehensive approach. Ji Hun Kim, CEO of the Crypto Council for Innovation, praised the administration's commitment to digital asset leadership. There was also recognition of previous legislative efforts, such as the GENIUS Act, which regulates stablecoins at the federal level and pushes for a broader regulatory framework. Roshan Robert, CEO of OKX US, highlighted the report as a sign of the U.S. stepping up to assert its leadership in the space. He noted that Washington is prioritizing practical solutions over ideological divides. Importantly, the report identifies the Securities and Exchange Commission (SEC) as the primary federal regulator for secondary digital asset markets. SEC Chair Paul Atkins has initiated "Project Crypto" to act on the recommendations outlined in the report. Analysts like Nic Puckrin remarked on the significant shift in regulatory outlook, stating that most tokens are now not classified as securities. Regulatory approaches for decentralized finance (DeFi) will also be developed without unnecessary burdens, as emphasized by Amanda Tuminelli, executive director of the DeFi Education Fund. Overall, this report signals a transformative moment for the crypto industry in the U.S., fostering innovation within a clear legal framework.