White House Officially Releases Cryptocurrency Report

ChainCatcher reports that the White House has officially released its cryptocurrency report. From the railroads connecting the East and West coasts to the internet linking the entire world, every generation of American entrepreneurs has led the construction of the next wave of technology since the nation’s founding. “Crypto 3” should be no exception.

As the authors of this report, the Working Group supports the following belief: digital assets and blockchain technology have the potential not only to fundamentally transform the U.S. financial system, but also to revolutionize ownership structures and governance across the entire economy. American entrepreneurs leveraging these technologies to create new industries deserve clear policy guidance and full recognition of their achievements. The core policy recommendations are as follows:

· U.S. citizens and businesses should have the legal right to hold digital assets and use blockchain technology without fear of liability;

· Lay the foundation for building the world’s deepest and most liquid U.S. digital asset market: The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should immediately use their existing authorities to open digital asset trading at the federal level.

· Banking regulators should avoid repeating the mistakes of the Biden-era “Operation Choke Point 2” and instead embrace the opportunities brought by blockchain and digital assets;

· Support the U.S. dollar stablecoin as a core driver of payment innovation in the digital age, helping the dollar maintain its global dominance;

· U.S. law enforcement agencies should have the ability to combat those who use digital assets for illegal activities, but must not abuse their tools to suppress law-abiding citizens, and so on.