A highly anticipated report. As we announced to you last night, the working group on cryptocurrencies of the White House has just published a highly anticipated report on the regulation of cryptocurrencies in the United States. This 168 -page document, (we needed time to digest it), which follows the presidential decree of January 2025, offers a series of recommendations to supervise the sector and promote innovation while protecting investors. In particular, it addresses the structure of the market, the surveillance of jurisdictions, banking regulations, the role of stablecoins and the taxation of cryptocurrencies. We take stock of this report.
- The White House has published a crucial report on the regulation of cryptocurrencies in the United States, offering recommendations to supervise the sector while protecting investors.
- This report recommends the creation of a taxonomy of cryptocurrencies to clarify their legal status, attributing to the CFTC and the dry of specific roles in their regulation.
The White House report wants to clarify the legal status of cryptocurrencies
Among the flagship measures of the report, we find the creation of a “Taxonomy” of active cryptothat is to say a clear classification of the different types of cryptocurrencies according to their nature and their function. This taxonomy would make it possible to determine which cryptocurrencies are securities (securities) and which are raw materials (conveniences), and therefore to know which federal agency is competent to regulate them.
According to the report, the Commodity Futures Trading Commission (CFTC) should have it Responsibility for surveillance of the cash markets of cryptocurrencies, That is to say direct exchanges between buyers and sellers. The CFTC would also be responsible for regulating tokens considered as raw materials, such as Bitcoin for example.
The Securities and Exchange Commission (SEC)on the other hand, should focus on tokens considered as securities, namely those who represent participation in a business or a project. The SEC should also collaborate with the CFTC to ensure a coherent and harmonized supervision of the sector.
“A rational regulatory framework for digital assets is the best way to catalyze American innovation, protect investors from fraud and make our capital markets the envy of the whole world. »»
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The White House report wants to facilitate the access of banks to cryptocurrencies
The report also offers Facilitate access of banks to cryptocurrencies By allowing them to keep and provide digital asset services to their customers. For this, the working group recommends that banking regulators simplify the process of obtaining a banking charter and making the requirements more transparent.
The text also emphasizes that banks have a crucial role To play in the development of the cryptocurrency sector because they can offer guarantees of safety, compliance and confidence to users. In doing so, regulators are encouraged to adopt a more open and flexible approach to banks who wish to get involved in cryptocurrencies.
Stablecoins: Nevergical Heart of Crypto US policy
The report also addresses the Question of stablecoins. The working group considers that stablecoins are an essential tool for preserving the hegemony of the US dollar on the world market for digital payments.
In this dynamic, the text asks the congress to vote the law CBDC Anti-Surveillance State Actwhich prohibits the research and development of a Central Bank Digital Mint (MNBC) in the United States. According to the working group, an MNBC would present significant risks for the privacy and freedom of citizens, as well as for the financial stability of the country.
Finally, the report recommends that the Congress establish a tailor -made tax policy for cryptocurrencieswhich takes into account the unique characteristics of this asset class, such as Staking (participation in the validation of transactions on a decentralized network). The report suggests treating cryptocurrencies as a new category of assets, subject to suitable tax rules.
This report marks an important step in the regulation of cryptocurrencies in the United States which wishes to install its leadership in the sector. It now remains to be seen whether the congress and federal agencies will follow these recommendations and will set up a clear and coherent regulatory framework for the sector.
