
New White House Report Outlines U.S. Policy for Digital Assets
President Trump's "Working Group on Digital Asset Markets" recently released a report with a strategic roadmap to advance American leadership in digital financial technology.
On July 30, 2025, President Trump's Working Group on Digital Asset Markets released a comprehensive policy report titled "Strengthening American Leadership in Digital Financial Technology" (the "Report"). The Report sets forth a pro-innovation agenda for digital assets, blockchain technology, and related financial systems and aims to foster responsible growth, regulatory clarity, and global competitiveness, while addressing risks related to illicit finance and national security.
The Report marks a decisive shift from prior enforcement-driven approaches, emphasizing the need for a clear, technology-neutral regulatory framework to support lawful digital asset activities. The Report calls for Congress to enact legislation affirming individuals' rights to maintain custody of digital assets and to engage in lawful peer-to-peer transactions without financial intermediaries. The Report also recommends lawmakers clarify the application of the Bank Secrecy Act to software providers involved in digital asset activities to ensure that only entities with actual control over assets are subject to money transmission regulations.
The Report also applauds the recent enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act, and its role in supporting innovative stablecoins to improve payment systems. The Report supports the enactment of the Digital Asset Market Clarity Act, known as the CLARITY Act, discussed in our recent Alert, "U.S. House Passes GENIUS and CLARITY Acts, Signaling Bipartisan Support for Digital Assets."
The publication of the Report was followed by a speech by Securities and Exchange Commission ("SEC") Chairman Paul Atkins on July 31, 2025. Chairman Atkins promised that the SEC would provide "clear and simple rules of the road for crypto asset [activities]," noting that "most crypto assets are not securities" and that the SEC should not make categorization as a security an overly burdensome "scarlet letter" to avoid.
By promoting responsible innovation, regulatory clarity, and global engagement, the Report aims to position the United States as the world's leading hub for digital assets and blockchain-based financial services. The recommendations in the Report, if implemented, are intended to foster a robust, competitive, and secure digital-asset ecosystem, aligning with American values and economic interests.