White House Cryptocurrency Report: Will actively embrace DeFi and promote the implementation of SEC and CFTC supervision

According to Foresight News, citing CoinDesk, a highly anticipated report preview from the White House suggests that the Trump administration's friendly attitude towards cryptocurrencies is heralding a "golden age of crypto" in the United States - with digital asset trading rapidly launching at the federal level and actively embracing DeFi. Many points outlined in the brief document have been advancing in the Trump administration's comprehensive legislative agenda for cryptocurrencies, such as the GENIUS Act (for regulating stablecoins) and the Clarity Act (for regulating the crypto market). Details about federal government's progress and plans for reserving Bitcoin or other digital assets were not included - at least not in the report preview. Nevertheless, for crypto practitioners who have experienced over a decade of regulatory uncertainty, seeing a comprehensive set of clear rules gradually taking shape in the world's most important crypto market is incredibly exciting. A key recommendation in the preview is to require the two major US financial regulatory agencies - the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) - to quickly fill regulatory gaps by "providing clear guidance to market participants on registration, custody, trading, and record-keeping" and immediately enable digital asset trading at the federal level. The report also acknowledges the immense potential of integrating DeFi technology - rapid, automated platforms for crypto lending - into the mainstream financial system. Meanwhile, the working group plans to use tools like "safe harbor clauses" and "regulatory sandboxes" to allow innovative financial products to reach consumers without cumbersome approvals. In the banking sector, the Trump administration had previously warned about the so-called "Operation Pincer 2.0" (implicitly restricting crypto companies' access to banking services). Looking forward, the working group recommends establishing clearer capital rules and increasing transparency for crypto companies applying for main accounts or banking licenses. Stablecoins are also listed as a core issue in the report, viewed as an "important tool for strengthening the global status of the US dollar". Earlier this month, Trump signed the GENIUS Act establishing a federal framework for stablecoins, and the working group recommends that relevant agencies quickly implement the act's contents. Regarding cryptocurrency taxation, the working group suggests that the Treasury Department and the Internal Revenue Service (IRS) re-examine previous tax guidelines for activities like mining and staking, and issue new guidelines on corporate alternative minimum tax (CAMT) and micro digital asset receipts to facilitate everyday payments using cryptocurrencies.