Earlier this week, the White House issued a report on the President’s Working Group on Digital Asset Markets.
David Sacks, the President’s crypto czar, said the report provides a “long-awaited regulatory clarity for innovators in a cutting-edge industry.”
“President Trump is delivering on his promise to make the U.S. the crypto capital of the planet.”
Managing Partner at a16z Crypto, Chris Dixon, said:
“The White House released its report on digital assets. It’s excellent and marks a huge step forward for crypto in America. The report confirms our government’s support for delivering regulatory clarity and clearing a path for crypto innovation in this country. We’ve come a long way in a short time and I’m excited about what’s next—most importantly, the Senate building on the CLARITY market structure legislation that recently passed the House with broad bipartisan support.”
Coinbase founder and CEO Brian Armstrong added that the digital asset report makes it clear that market structure legislation is key to delivering the promise of America becoming the crypto capital of the world.
Armstrong was joined by his Chief Policy Officer, Faryar Shirzad, who added that the “report underscores the Administration’s commitment to make that happen.”
Earlier today, Secretary of the Treasury Scott Bessent called on the industry to pursue their digital asset innovation in the US.
The U.S. has entered the Golden Age of Crypto. Under [President Donald Trump], we are exploring new possibilities in decentralized computing and digital payments to unlock the potential of blockchain technology. So start your companies here. Launch your protocols here. And hire your workers here.
Elizabeth Davis, a Partner at the law firm of Davis Wright Tremaine, who previously worked at the CFTC and the DOJ, welcomed the digital asset report.
“The report provides a robust and comprehensive framework of crypto and how we got to where we currently are. The immediacy of the recommendations made by the working group is particularly notable by calling upon the SEC and CFTC to go ahead and use their rulemaking and exemptive authority now to advance a laundry list of initiatives in the digital asset space even while crypto market legislation is winding its way through Congress. The report also throws its support behind the Clarity Act, including its provision of jurisdiction of non-security digital assets to the CFTC, which could potentially facilitate the Clarity Act toward becoming enacted. The tone of the report is certainly emblematic of the priority that the Administration has placed on getting a crypto market structure in place in the United States.”
Representative French Hill, Chairman of the House Financial Services Committee, asked the Senate to move quickly to approve the CLARITY Act noting the strong support from the Digital Assets report.
The contrast between the Biden Administration and the Trump Administration is quite stark. While the Biden Administration sought to impede Fintech innovation, including digital asset development, the Trump Administration has embraced improvements to the financial sector, garnering bipartisan support. While there remains much to be done, including the market infrastructure guidance in the CLARITY Act, the US is now moving forward in recognizing and supporting innovation that can improve markets, while benefiting businesses and investors.
The White House digital asset report, “Strengthening American Leadership in Digital Financial Technology” is available below.