Trump administration announces 'golden age' for cryptocurrency in US economy
Photo: Donald Trump, President of the United States (Getty Images)
The Trump administration is urging all US federal agencies to urgently update their approaches to cryptocurrency regulation and ensure their full integration into the national economy, according to a 160-page White House report published on Wednesday, July 30.
In a sweeping 160-page report, the White House outlines a plan to transform the US into a global leader in the digital assets sector. The plan calls for legislative support and major reforms in banking, taxation, and finance.
The administration expects Congress to pass a dedicated law that will recognize cryptocurrency as a new asset class and provide it with a legal regulatory framework.
The proposed regulatory updates span several sectors:
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securities and commodities;
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banking operations;
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taxation;
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insurance;
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cybersecurity;
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countering illicit finance.
With this, the Trump administration issued a broad appeal to all federal agencies, emphasizing that it is time to act swiftly and decisively to make cryptocurrency an integral part of the US economy.
Trump stated that crypto should become as commonplace as the dollar, used for mortgages, banking services, pension programs, and tax deductions.
The urgency is reportedly driven by the Trump family's growing investments in the crypto industry. Since election day, Bitcoin's price has surged by 74%, with the sector adding $1.57 trillion in market capitalization.
The report emphasizes the need for clear and transparent rules to allow the legal development of the crypto industry in the US. The key goal is to ensure regulatory clarity, empowering American entrepreneurs to invest confidently and build new services and software solutions.
Trump tasked his administration with making the US digital asset market "the deepest and most liquid in the world."
In early March, President Trump ordered the creation of a cryptocurrency reserve, expected to include XRP, SOL, and ADA.
On July 18, Trump signed the GENIUS Act, a landmark law for crypto regulation.
