The White House is pushing to embed crypto everywhere, from taxes to retirement

The White House is urging all elements of government to make sweeping changes as quickly as possible and enable a "Golden Age" for the cryptocurrency industry.Why it matters: From taxes to mortgages to retirement, the Trump administration wants to embed crypto in the economy as quickly and broadly as possible.The push comes as the president's own family pushes deeper into the industry, profiting from an industry that's benefitted from Trump's support.The price of bitcoin has soared 74% since Election Day in November, while the global crypto industry has added $1.57 trillion in market cap.Driving the news: A 160-page report released Wednesday from the president's working group on cryptocurrency markets focuses on key areas the White House wants addressed by regulators and through legislation currently before Congress.It's the culmination of the group's six-month review of U.S. crypto policy triggered by a Trump executive order in January. "American entrepreneurs and software developers should have the liberty, and regulatory certainty, to upgrade all sectors of our economy using these technologies," the report says.It states the objective of making the American digital asset marketplace the "deepest and most liquid in the world." Zoom in: The report includes recommendations for everything from securities and commodities regulation, to banking, taxation, countering illicit finance, payments, insurance and cybersecurity.The intrigue: What it doesn't include is any new information on the U.S. crypto reserve and stockpile that that president announced by executive order.Details on that are expected soon, according to a senior administration official.The report urges the SEC and CFTC — the two regulators that will oversee different aspects of crypto markets based on market structure legislation currently before Congress — to move quickly using their existing powers to enable orderly trading of digital assets currently caught in regulatory limbo. And it calls on banking regulators to make clear what activities financial institutions can engage in, specifically citing tokenization, custody, blockchain adoption and stablecoin issuance.The president signed a stablecoin bill into law earlier this month, though it needs updated rules from banking regulators in order to take effect.The report goes further on urging neutral treatment for the crypto industry in bank regulation, recommending that agencies take further action to promote clarity around the process for obtaining charters and Fed master accounts.And it calls for changes in how crypto is accounted for in bank capital requirements, where overly strict treatment can make it expensive and unattractive for banks to offer crypto-related services.On taxes, the report calls for the elimination of compliance hurdles for both businesses and individuals, calling on action from the IRS and Treasury Department.And it urges the taxation authority to consider updating their rules to directly address some of the use cases created by blockchain innovation and to consider administrative guidance around de minimus receipts of digital assets.For Congress, it urges new law that treat digital assets as a new class of assets subject to existing tax rules for securities and commodities, with relevant modifications.The bottom line: Everything in the report urges all agencies to act with haste in order to move the necessary policy needed for the industry to grow sooner rather than later.

Comments

World news

Virginia Giuffre’s family pleads with Trump not to pardon Ghislaine Maxwell

Independent

Hawley says he and Trump had ‘nice visit’ after president ripped him as ‘second-tier’ over stock bill: ‘Full speed ahead’

about 1 hour ago

India to take steps to ‘secure national interest’ after Trump imposes 25% tariff

Independent

Comments

World news

Virginia Giuffre’s family pleads with Trump not to pardon Ghislaine Maxwell

Stealth fighter jet pilot forced to eject as $100M aircraft crashes in rural California

Trump envoy arrives in Israel amid rising Gaza death toll of Palestinians seeking aid

Trump’s baby savings accounts are just a ‘back door to privatizing Social Security,’ treasury secretary admits

Hawley says he and Trump had ‘nice visit’ after president ripped him as ‘second-tier’ over stock bill: ‘Full speed ahead’

India to take steps to ‘secure national interest’ after Trump imposes 25% tariff

Delta flight makes emergency landing after severe turbulence injures 25 people just two hours into nine-hour journey

Carney government tight-lipped on fulfilling campaign promise to raise pay for RCMP cadets

One dead and 22 sick from Legionnaires’ cluster in New York, health officials say

US nurse’s emotional plea for Trump’s Middle East envoy to see Gaza crisis with his own eyes

US considering China travel warning after nearly 5,000 cases of deadly virus: report

Trump warns Putin’s right-hand man: ‘You’re entering very dangerous territory’

Canada joins push to recognise Palestine amid Gaza crisis

Intern's viral email reignites debate on Gen Z work culture

What does recognising Palestine as a state really mean?

The terrifying reality behind one of America’s fastest-growing dairy brands

Democratic voters have turned against Israel. Why won’t their leaders?

Can you still love summer when it’s so damn hot?

The surprisingly sound financial advice I got from a chatbot

I never thought I’d agree with Farage on anything – until now

How I built a £220,000 pension at 46 without giving up the things I love

Why you won’t get compensation for your flight after air traffic control failures

How to avoid being ripped off in restaurants on holiday

As a 33-year-old widower I envy Liam Neeson

Inheritance tax take soars to £6.7bn as experts warn more will be drawn into net

Ontario court upholds sex assault sentence for man who removed condom

Why Australia wiped billions off student loans for millions of people

What does recognising Palestine as a state actually mean?

An LGBTQ+ cafe’s neon sign became a beacon for hate in Berlin

The secrets inside the ‘chamber of horrors’ being exhumed at Ireland’s mass baby grave

Two boys stumbled across ‘a jumble of bones’ at a derelict baby home. Their discovery will haunt Ireland forever

Lithuania Prime Minister Gintautas Paluckas steps down after investigations and protests

Trump threatens Canada trade deal over support for Palestinian state

Sobbing Ryanair passenger stopped from boarding plane ‘felt like a criminal’

I’ve studied tsunamis for 25 years – here are the deadly warning signs one is on its way

Thunderstorm warning issued as parts of England battered by rain and hail

Mapped: Which countries recognise Palestine as a state?

A tiny city nicknamed a ‘tsunami magnet’ saw the highest waves in continental US after the earthquake

Over 50 safety lapses found at Air India by the country's aviation watchdog

Tsunami warnings still in place after 8.8 magnitude Russian earthquake

If you’re spending more than a fiver on a T-shirt, you’re a mug

Concerns grow for 3 OSCE workers jailed since shortly after Russia's invasion of Ukraine

Meet the multimillionaire who wants to be Bolivia's first right-wing president elected in 20 years

Guatemalan town struggles to recover after border shootout

First Australian-made rocket crashes after 14 seconds of flight in a failed attempt to reach orbit

Brit tries Benidorm's 'roughest pub crawl' and things take terrifying turn

How did Russia avoid major damage from earthquake and tsunami?

Russia hits Kyiv with missile and drone attack, killing 6 and injuring 52

Gaza latest: Canada joins UK and France in plan to recognise Palestinian state while starvation deaths rise

Arab nations tell Hamas to ‘disarm’ and end rule of Gaza after Starmer ultimatum

Pregnant sea turtle returns to the ocean off Florida after treatment for a boat strike

This country will be underwater by 2050 — and citizens are entering a bleak competition to escape

I’m a nanny – the way kids watch films terrifies me

I tried 11 baked beans brands and one was the clear winner

The most – and least – expensive market towns for first-time buyers

I swapped my phone for a camera – and my kids got the attention they craved

BBC Radio 2 hits two-decade listener low as rival Boom Radio soars

Trump is on the ropes as Maga turns against Israel

UK won’t lose Israeli intelligence despite Netanyahu’s fury over Gaza ultimatum

Consumer alert as ‘no-win, no fee’ firms get set for car finance scandal ruling