Government-appointed body advocates for clarified cryptocurrency regulations and tax reforms under the Trump administration
The White House Working Group on Digital Asset Markets (PWG) has released a comprehensive report outlining a clear, technology-neutral regulatory framework for digital assets in the United States. The initiative aims to provide regulatory clarity and foster responsible growth across the digital asset ecosystem.
The report urges the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to leverage their existing statutory authority to facilitate federal-level trading of digital assets, rather than relying heavily on enforcement actions. The PWG calls for the creation of clear rules of the road that support innovation and lawful market activity.
Congress is also encouraged to take legislative action to codify key principles for digital asset regulation. This includes affirming individuals' rights to custody and conduct peer-to-peer transactions without intermediaries, clarifying the application of the Bank Secrecy Act as it relates to software providers and digital asset-related entities, and supporting innovative stablecoins through laws such as the recently enacted GENIUS Act.
The PWG report proposes over 100 regulatory and legislative actions spanning market structure, banking, payments, illicit finance control, and taxation. The primary suggestions include strengthening the role of the U.S. dollar by implementing the GENIUS Act, which creates a framework for stablecoins, and combating illicit finance by modernizing anti-money laundering rules to suit digital assets.
The report also recommends that Congress draft legislation granting the Commodity Futures Trading Commission authority to regulate spot markets in non-security digital assets. Additionally, it calls for legislative action to treat crypto as a new class of assets subject to modified securities and commodities tax rules for federal income tax purposes.
The PWG has urged regulators and lawmakers to establish rules and regulations around digital asset registration, custody, and trading, and to never again pursue policies similar to Operation Choke Point 2.0, an alleged coordinated regulatory effort to undercut the crypto industry.
Anchorage Digital CEO Nathan McCauley celebrated the release of the report, calling it a "blueprint for achieving more regulatory clarity for the industry and the millions of Americans who use crypto." McCauley mentioned a recent series of legislative breakthroughs, such as the historic GENIUS Act, as contributing to clearer rules of the road nearly every week.
The report, released on July 30, 2025, under Executive Order 14178, is a 163- to 166-page document. It emphasizes fostering U.S. leadership in digital financial technology while balancing innovation with national security and financial crime risk mitigation. This coordinated federal approach involving the SEC, CFTC, and Congress is expected to replace fragmented and enforcement-heavy regulation with a harmonized, clear, and supportive policy framework for digital assets in the United States.
- The PWG report suggests that Congress should draft legislation treating crypto as a new class of assets, subject to modified securities and commodities tax rules for federal income tax purposes.
- Anchorage Digital CEO Nathan McCauley praised the report, calling it a "blueprint for achieving more regulatory clarity for the industry and the millions of Americans who use crypto."
- The report recommends that Congress draft legislation granting the Commodity Futures Trading Commission authority to regulate spot markets in non-security digital assets.
