Crypto: The Trump administration publishes a strategic report!

While cryptos redraw the global financial balance, the Trump administration unveils its strategic response. An expected report of the President's working group on digital assets lays down the foundations of an assumed pro -Crypto framework: encouraged innovation, reinforced supervision. This ambitious plan aims to propel the United States at the top of the technological race while affirming their economic sovereignty in the face of the rise of rival actors.

Towards a regulatory architecture shared between the dry and the CFTC

While the Genius Act was published a few days ago, a new report published this Wednesday by the working group on the Cryptos of the Trump administration traces the main lines of a future regulatory framework for the American crypto ecosystem. Its central objective is to clarify the respective skills of the federal authorities in order to effectively supervise the market while stimulating innovation.

“The jurisdictional supervision of cryptos should be shared between the CFTC and the dry”can we read in the report, which specifies that “The CFTC would have the authority on the cryptos Spot market”. In other words, the report proposes a segmentation of responsibilities based on the nature of assets, with a clear distribution of prerogatives.

Here are the main detailed regulatory points in the report:

• Define a clear taxonomy of cryptos, distinguishing securities (securities) and commodities (goods);
• Assign market supervision to CFTC “Spot”that is to say the exchanges of cryptos in cash;
• Keep the regulation of tokens assimilated to titles under the jurisdiction of the dry;
• Encourage collaboration between Sec and CFTC, to ensure a harmonized and coherent approach on a national scale.

This vision of a bilateral regulatory framework fits into a desire to preserve American leadership in the sector. The president of the dry, Paul Atkins, also salutes this positioning: “The best way to catalyze American innovation, protect investors from fraud and maintain the attractiveness of our capital markets is a rational regulatory framework for digital assets”.

By offering a coherent and structured reading of legal obligations, this report aims to create an environment conducive to the development of crypto companies while strengthening the legal security of actors.

STABLECOINS supported, the CBDC rejected and a tax reform on the horizon

The document goes beyond market regulation. It also looks at future financial infrastructure and Crypto taxation. One of the most striking axes is the explicit support for Stablecoins.

According to the authors of the report, these assets can serve as a bulwark for the hegemony of the US dollar. They even claim that stablecoins transmitters can collaborate with the authorities to freeze and enter assets in the event of illicit use, highlighting their compatibility with internal safety standards.

The report also encourages banking regulators to simplify licenses to allow banks to offer services related to cryptos, including custody.

In reverse of numerous initiatives in other major economies, the report openly calls for prohibiting the development of a digital central bank currency (CBDC) in the United States.

He supports the CBDC anti-surveillance State Act, a bill to prohibit any federal funding or research on a possible digital dollar. This marked hostility is explained by fears of state surveillance and loss of individual freedom.

In parallel, the report proposes a tax reform adapted to the specificities of cryptos, calling on the congress to legislate to recognize cryptos as a new class of assets benefiting from hybrid tax rules, halfway between securities and raw materials.

These proposals outline a very particular vision of the monetary and financial future of the United States: that of a decentralized system, but under regulatory control as evidenced by the laws voted by the United States, excluding any form of programmable public currency. If this report does not in itself constitute a law, it nevertheless marks a clear and potentially sustainable political orientation.