TLDR
- Trump’s crypto working group is releasing a policy report today outlining the administration’s stance on tokenization and crypto legislation
- The report will address SEC framework needs for blockchain-based stocks and bonds trading
- Led by Bo Hines, the working group includes Treasury Secretary Scott Bessent and SEC Chair Paul Atkins
- The report supports upcoming Congressional market structure legislation including the Clarity Act
- Trump recently signed stablecoin legislation and dropped previous SEC cases against major crypto exchanges
The Trump administration’s cryptocurrency working group released its first policy report today, marking a major shift in federal crypto regulation. The document outlines the White House’s position on tokenization and market-defining legislation for digital assets.
President Trump formed the working group in January after taking office, fulfilling his campaign promise to overhaul U.S. crypto policy. The task force is led by Trump official Bo Hines and includes Treasury Secretary Scott Bessent, SEC Chair Paul Atkins, and Director of the Office of Management and Budget Russell Vought.
The report addresses the Securities and Exchange Commission’s need for a framework allowing firms to offer blockchain-based stocks and bonds. This comes as crypto companies increasingly explore tokenization of traditional financial assets like bank deposits, stocks, bonds, and real estate.
Coinbase recently requested SEC approval to offer blockchain-based stocks, but the commission has not yet responded publicly. The report recognizes the need for SEC tokenization guidelines, though specific language details remain unclear.
Congressional Legislation Support
The working group’s report outlines the administration’s preferences for crypto legislation currently moving through Congress. The House passed the Clarity Act earlier this month, which would establish formal regulatory rules for cryptocurrencies.
The Senate is considering its own version of market structure legislation. These bills aim to clarify when crypto tokens qualify as securities, commodities, or other asset categories like stablecoins.
The crypto industry has long argued that existing U.S. regulations don’t fit digital assets properly. Companies have pushed for new rules that provide clearer guidance on regulatory classification.
Trump signed stablecoin legislation into law earlier this month, creating federal rules for cryptocurrencies pegged to the U.S. dollar. Industry leaders called this a major victory for digital assets.
Policy Shift from Biden Era
The report represents a complete reversal from the Biden administration’s approach to cryptocurrency regulation. Biden’s regulators pursued enforcement actions against the industry, citing fraud and money laundering concerns.
The previous administration sued major exchanges including Coinbase and Binance, alleging violations of U.S. laws. Trump’s SEC has since dropped these cases.
Trump campaigned as a “crypto president” and actively courted support from the digital asset industry. This contrasts sharply with Biden’s regulatory crackdown approach.
Rebecca Rettig, chief legal officer at crypto firm Jito Labs, said the recommendations provide a roadmap for building crypto as an important economic sector. She noted previous regulations were piecemeal in nature.
The president’s crypto support has raised conflict-of-interest questions that have threatened to complicate congressional legislation at times. Trump’s family launched cryptocurrency meme coins, and the president holds a stake in World Liberty Financial, a crypto platform.
The White House has denied any conflicts of interest exist. The working group’s report represents the first public findings from the task force’s regulatory review process.
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