Congress should get started on regulations for cryptocurrencies, a White House report released Wednesday recommends, as President Donald Trump ordered regulators to immediately enable trading at the federal level.
The more than 166-page report is the White House’s most detailed look yet at how it could embed crypto into daily life for Americans.
“The Working Group endorses the notion that digital assets and blockchain technologies can revolutionize not just America’s financial system, but systems of ownership and governance,” the group wrote in the report. “American entrepreneurs who pioneer new industries using these technologies deserve both clarity on the policies that affect their efforts and praise for the progress they have made.”
The Working Group said Congress should pass measures to give regulatory oversight to the Commodity Futures Trading Commission to oversee spot markets for digital assets.
It also called on Congress to embrace “DeFi technology and recognizes the potential of integrating such technology into mainstream finance.”
The group also recommended the Securities and Exchange Commission and CFTC use existing authorities to allow trading of digital assets by “providing clarity to market participants on issues such as registration, custody, trading, and recordkeeping.”
It comes as a seismic shift after the Biden administration, which sued several large crypto companies alleging they violated federal rules. The Trump administration has dropped those cases.
Sergey Nazarov, co-founder of the cryptocurrency exchange platform Chainlink, praised the report on social media Wednesday.
“I think the president’s clear placing of our industry as a national priority will be seen as a critical and historic moment for our industry and for the United States financial system’s role globally,” Nazarov wrote.
