The US President Donald Trump’s Working Group on Digital Assets released a report with policy recommendations for regulating crypto in the US, including market structure, oversight, banking regulations, stablecoins, and taxation. Recommendations include defining digital asset categories, sharing oversight between the CFTC and SEC, and easing banking regulations for crypto custody. SEC Chair supports a rational regulatory framework for digital assets.

The working group recommended that the SEC and CFTC collaborate on crypto oversight, with different tokens falling under their respective jurisdictions. A defined crypto market structure could make the US a global leader in digital assets. Banking regulations should be eased to allow banks to provide digital asset services. Stablecoins are seen as crucial for protecting the US dollar’s hegemony.

The report suggested that Congress pass a bill for a tailored tax policy for cryptocurrencies, considering their unique features like staking. Legislation should treat digital assets as a new asset class subject to modified tax rules. The report also highlighted the similarities between stablecoins and CBDCs, pointing out the ability to freeze and seize assets for illicit use.

Read more at Cointelegraph: Trump White House Releases Crypto Regulation Report