White House Releases Crypto Report, Omits Bitcoin Reserve Plan

Highlights:

• White House outlines clear crypto rules, calls for SEC-CFTC shared oversight, and supports bank custody services.
• Report backs stablecoins under the GENIUS Act, rejects CBDC plans, and urges updated crypto tax rules.
• Bo Hines confirms ongoing support for a strategic Bitcoin reserve and a national digital asset stockpile.

The White House has published its important report on digital assets. The plan aims to make the U.S. a top leader in blockchain, crypto markets, and token finance. The report covers many areas of crypto policy. However, it gives no clear update on the government’s planned Bitcoin reserve. It just repeats points from Trump’s January order without saying what will happen next or when.

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The report follows a January executive order by President Trump that created an interagency team to focus on digital assets and emerging technologies such as AI. The 166-page report, led by crypto and AI advisor David Sacks and executive director Bo Hines, brings together insights from Treasury, Commerce, the SEC, and the CFTC. Titled “Strengthening American Leadership in Digital Financial Technology,” the report shares plans to simplify rules, boost innovation, and update oversight systems.

The President’s Working Group on Digital Asset Markets released a report that provides a roadmap to USHER IN THE GOLDEN AGE OF CRYPTO 🇺🇸

"Together, we will make the U.S. the crypto capital of the world!" 🌎 pic.twitter.com/YwE5KRrjnA

— The White House (@WhiteHouse) July 30, 2025

Crypto Report Pushes Clear Rules, Bank Custody, and DeFi

The report first asks for clear rules to label digital assets as either securities or commodities. It recommends a joint oversight framework between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to ensure balanced governance. The report also proposes giving the CFTC regulatory control over spot markets that do not involve securities. In contrast, tokens identified as securities would be regulated by the SEC.

“A rational regulatory framework for digital assets is the best way to catalyze American innovation, protect investors from fraud, and keep our capital markets the envy of the world,” SEC Chair Paul Atkins wrote in response to the report.

One of the key proposals in the report is to let banks offer crypto custody and related digital asset services to their customers. To support this, the working group advised banking regulators to simplify the bank charter process and make the rules clearer. 

The report also highlights the need to integrate decentralized finance (DeFi) more fully into the financial system. It recommends that agencies set up regulatory sandboxes and safe harbor programs. These would let developers launch new crypto products without facing immediate regulatory pressure. This strategy is meant to encourage innovation while still ensuring consumer safety.

Trump Administration Urges Quick Stablecoin Action, CBDC Ban, and Clearer Crypto Tax Rules

The report also gives strong attention to U.S. dollar-backed stablecoins. Following the recent signing of the GENIUS Act by President Trump, which sets a national framework for stablecoins, the working group is pushing agencies to act quickly on its implementation. It highlights stablecoins as a way to support and expand the dollar’s influence in the global economy.

The administration also made its stance against a U.S. central bank digital currency (CBDC) very clear. It urged lawmakers to pass a bill that completely blocks the development of a U.S. CBDC. The report warned about privacy risks and the chance of government surveillance.

On the tax side, the working group called on the Treasury and IRS to review and update existing crypto tax rules. It asked for clearer guidance on things like mining, staking, and minor daily crypto use. “Legislation should be enacted that treats digital assets as a new class of assets subject to modified versions of tax rules applicable to securities or commodities for federal income tax purposes,” the report said.

Trump Plans Swift Action on Bitcoin Reserve, Says Bo Hines

Bo Hines, executive director of the President’s Council on Digital Assets, has confirmed the United States still supports a strategic BTC reserve, even though the latest policy report barely mentioned it. He said the administration supports ongoing accumulation and confirmed the existence of both a Bitcoin reserve and a national digital assets stockpile. Hines called Bitcoin “a class of its own” and said the administration also respects other crypto ecosystems, though he didn’t name any specific assets.

🚨EXCLUSIVE: We sat down with @BoHines, Executive Director of the White House Crypto Council, inside the @WhiteHouse to dig into the Administration’s new crypto report.

Beyond breaking down the document’s key recommendations, we tackled today’s hottest topics — from Brian… pic.twitter.com/gkVxGbc1AJ

— Crypto In America (@CryptoAmerica_) July 30, 2025

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