The Upcoming U.S. White House Crypto Policy Report: What to Expect
The United States White House is gearing up to unveil its inaugural cryptocurrency policy report on July 22. This initiative originates from an executive order signed by President Donald Trump, which led to the formation of the Digital Assets Working Group. This landmark report promises to be a pivotal moment in shaping the future of digital currency regulation in the U.S.
Key Highlights of the Upcoming Crypto Policy Report
In accordance with the executive order, the Digital Assets Working Group was tasked with delivering a comprehensive report to the President within 180 days from the order’s issuance, setting July 22 as the critical deadline. This report is anticipated to present a series of regulatory and legislative recommendations that align with the policies outlined in the order, including the ambitious plan to establish a Strategic Bitcoin Reserve.
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The document is expected to detail the Working Group’s assessment of how the U.S. can develop and sustain a national digital asset repository. It will propose guidelines for setting up this repository, potentially utilizing cryptocurrencies acquired by the U.S. Federal Government through law enforcement activities.
Further, in alignment with a subsequent executive order signed in March, which fully enacted the Strategic Bitcoin Reserve, the White House policy report will provide an update on the current Bitcoin holdings of the country. As mandated by the executive order, every federal agency is required to furnish the Digital Asset Working Group with a complete inventory of all government-held digital assets.
Legislative Developments and the Strategic Bitcoin Reserve
The report is also expected to shed light on the legislative strides Congress is making towards formalizing the Strategic Bitcoin Reserve into law. Senator Cynthia Lummis has put forth the BITCOIN Act, which proposes that the U.S. amass 1 million BTC over a five-year span as part of the Bitcoin Reserve initiative.
Once the Senate concludes discussions on the CLARITY Act and the Anti-CBDC Act, the BITCOIN Act is likely to become a focal point of legislative activity. In a related development, President Trump has already enacted the GENIUS Act, which establishes a regulatory framework for stablecoins and ensures that the Federal Reserve does not create a Central Bank Digital Currency (CBDC).
Examining the U.S. Bitcoin Holdings
The question of how much Bitcoin the U.S. actually possesses has sparked considerable debate, making the forthcoming White House policy report particularly timely. According to BitcoinTreasuries, the U.S. is believed to hold 198,012 BTC. However, a recent Freedom of Information Act (FOIA) response from the U.S. Marshals Service revealed that the agency holds only 28,988 BTC.
This discrepancy accounts for less than 80% of the anticipated Bitcoin holdings, prompting speculation that other federal agencies might be safeguarding additional coins. Senator Lummis has expressed concern that if the U.S. has indeed liquidated over 80% of its Bitcoin reserves, it might undermine the country’s strategic position in the global Bitcoin arena.
In conclusion, the upcoming release of the U.S. White House crypto policy report is poised to be a defining moment in the realm of digital currency regulation. As the world watches, the policies and strategies outlined in this report will play a crucial role in shaping the future of cryptocurrency regulation and adoption in the United States.
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