The Trump administration has released its long-anticipated crypto policy report, outlining major proposals for digital asset oversight, banking access, and tax reform. Yet, it leaves out a core campaign idea that sparked major attention: the creation of a national Bitcoin reserve.
Push for Clearer Crypto Rules
The report—crafted by the President’s Working Group on Digital Assets—calls for sweeping changes to how cryptocurrencies are regulated in the U.S. It suggests clearly defining which tokens are securities and which are commodities. Under this proposal, the Commodity Futures Trading Commission (CFTC) would oversee non-security tokens like Bitcoin, while the Securities and Exchange Commission (SEC) would regulate tokens considered securities.
The goal? Coordinated oversight to reduce regulatory confusion, boost innovation, and strengthen investor protections. SEC Chairman Paul Atkins backed the report, saying balanced regulation would make the U.S. a global leader in digital finance.
Easier Bank Access, Stronger Stablecoin Support
The report also recommends simplifying bank charters for crypto services and allowing institutions to securely manage digital assets. It emphasizes making it easier for banks to offer crypto-related services without compromising security or compliance.
Stablecoins received special mention. The report supports dollar-backed stablecoins as a way to reinforce the dominance of the U.S. dollar and promote lawful transactions—distinguishing them from government-issued CBDCs, which the Trump team opposes. It reaffirms the campaign’s support for the CBDC Anti-Surveillance State Act, which would block the launch of a digital dollar.
Tailored Tax Reform for Crypto
A key part of the proposal involves overhauling crypto taxation. The report urges Congress to introduce a new tax regime that accounts for the unique features of digital assets, including staking. It also calls for eliminating tax loopholes like wash sales and demands clearer IRS guidance for individuals and businesses dealing with crypto.
What’s Missing: Bitcoin Reserve Vision
Despite its sweeping scope, the report notably excludes any reference to Trump’s earlier campaign promise to build a Strategic Bitcoin Reserve. That idea aimed to position the U.S. as a dominant force in Bitcoin adoption and was championed by crypto supporters during Trump’s 2024 campaign push.
Its absence has not gone unnoticed. While the report outlines practical regulatory moves, critics argue it lacks the bold vision that energized parts of the crypto community.
For now, the Trump administration appears to be prioritizing policy stability and legal clarity over symbolic moves. Whether the idea of a Bitcoin reserve resurfaces later remains to be seen—but for now, it’s off the official agenda.
