The US Government Has Announced a Cryptocurrency Policy Strategy but Is Unclear about Strategic Bitcoin Reserve Plans.
The 163-page detailed report clearly outlines current cryptocurrency regulation efforts but does not provide new information about Bitcoin reserves or specific future plans.
- The US report focuses on regulating cryptocurrency through existing regulations, without implementing new plans for strategic BTC reserves.
- Tax reduction proposals and clear cryptocurrency regulations are built on Senator Lummis's ideas.
- The government promotes legal frameworks for stablecoin and Blockchain-based securities, while encouraging SEC and CFTC to enhance control.
Why Does the US Government's Cryptocurrency Report Not Specify New Plans?
The 163-page White House report does not present new plans for strategic Bitcoin reserves, only updating existing policies. This is the most detailed report on cryptocurrency policy efforts during the Trump administration, but it does not bring significant innovation. Senior officials suggest the report aims to assess progress compared to the Biden era, with clear advancements.
The Bitcoin and digital asset reserve project is only briefly mentioned at the end, with no further explanation about management or use. An official confirmed that preparatory work is underway and promised to soon publish more detailed information, leaving the market and experts with many uncertainties.
"We are laying the foundation for the government's Bitcoin reserve project and will provide specific information when the final steps are completed."
US Treasury Official, 2024
The report also emphasizes clear empowerment of the Securities and Exchange Commission (SEC) to manage companies issuing Blockchain-based securities to create transparency and safety for investors.
What Are the Cryptocurrency Tax Reduction Proposals Based on Senator Lummis's Ideas?
The report proposes cryptocurrency tax reforms based on Senator Cynthia Lummis's plan, who leads the Senate subcommittee on digital assets. This plan aims to simplify tax regulations, such as establishing a minimum transaction threshold before capital tax calculation and adjusting tax calculation for rewards received from Staking activities.
This move is expected to help reduce administrative burden and compliance costs for cryptocurrency users, contributing to the sustainable development of the digital asset market in the US.
"Simplifying cryptocurrency tax laws will facilitate investors and promote innovation in the digital financial sector."
Cynthia Lummis, Senator, 2024
The report also calls on the SEC and CFTC to use their existing powers to regulate the digital asset trading sector even before Congress passes new laws, to maintain order and protect users.
What Are the New Policies on Stablecoin and Broader Cryptocurrency Regulations?
The US government has issued laws regulating stablecoin, which are positively evaluated by the cryptocurrency industry. The White House is promoting expanded bills to clarify classification and regulations for various digital assets.
This aims to address the long-standing lack of legal transparency and minimize legal risks for investors and businesses. However, President Trump's involvement with some family-backed cryptocurrency projects raises concerns about conflicts of interest, which the White House completely denies.
The strategic Bitcoin reserve remains the focus of the cryptocurrency community, initially based on assets seized from legal cases. The government may consider new funding options, or Congress might get involved with the BITCOIN Act proposed by Senator Cynthia Lummis, which has not yet been passed.
Frequently Asked Questions
What Are the Highlights of the US Government's Cryptocurrency Report?
The report compiles current policies, promotes new laws for stablecoin, and recommends SEC and CFTC strengthen cryptocurrency transaction management.
How Is the Strategic Bitcoin Reserve Managed According to the Report?
The report only provides a preliminary announcement, with no specific plans or details for managing the strategic Bitcoin reserve.
What Impact Will the Proposed Cryptocurrency Tax Law Have?
The law will simplify tax procedures, such as establishing a new minimum transaction threshold and adjusting tax calculations for Staking rewards.
How Does the Government Plan to Support Stablecoin?
New laws have regulated stablecoin, and the White House continues to promote clearer digital asset classification laws.
Is There a Risk of Conflicts of Interest in Cryptocurrency Policies?
There are concerns due to involvement with President Trump, but the White House firmly denies any conflicts of interest.
