A cryptocurrency task force appointed by President Donald Trump released a series of proposals on Wednesday that mostly called on federal regulators to provider clearer guidance on trading digital assets and to make adopting the financial products easier.
The task force consists of several Trump appointees, including Secretary of Commerce Howard Lutnick, Attorney General Pam Bondi, Securities and Exchange Commission Chair Paul Atkins and venture capitalist David Sacks, co-founder of and partner in Craft Ventures, who Trump appointed as the U.S.’s first artificial intelligence and cryptocurrency “czar.”
The task force, established by a January executive order, made proposals on several digital finance issues, including asking Congress to pass the Digital Asset Market Clarity Act, which aims to split the roles and authority of the SEC and Commodity Futures Trading Commission on regulating digital assets.
The report also urged the SEC and CFTC to “immediately enable the trading of digital assets at the federal level.” According to the release, the agencies could provide clearer regulatory guidance. The task force also recommended that consumers should have access to digital asset financial products “without bureaucratic delays.”
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In addition, the group asked regulators to “clarify permissible bank activities in custody, tokenization, stablecoin issuance, and the use of blockchains,” according to a White House fact sheet. The task force also proposed that U.S. regulatory agencies promote transparency on how institutions can “obtain bank charters and ensure that bank capital rules better reflect the risks particular to digital assets.”
The task force recommended that agencies help promote the strength of the U.S. dollar by expeditiously implementing the GENIUS Act, which Trump signed into law last month.
“By implementing these recommendations, policymakers can ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto,” the White House stated.
Tags: Crypto, Trump Administration
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