Latest news with #BoHines


Reuters
11 hours ago
- Business
- Reuters
White House in crypto policy report calls for SEC action, new legislation
July 30 (Reuters) - A cryptocurrency working group formed by President Donald Trumpon Wednesday outlined the administration's stances on market-defining crypto legislation and called on the U.S. securities regulator to create new rules specific to digital assets. In a factsheet ahead of a landmark report, the White House urged Congress to move forward with legislation that would create a formal crypto regulatory regime, but implored lawmakers to include additional provisions in the bill. Those include allowing trading platforms to also custody crypto and providing a tailored disclosure regime for issuers of crypto securities. The White House also encouraged the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission to use their existing authorities to "immediately enable the trading of digital assets at the federal level." Shortly after taking office in January, Trump ordered the creation of a crypto working group tasked with proposing new regulations, making good on his campaign promise to overhaul U.S. crypto policy. Wednesday's report is a culmination of the task force's work so far and its first public findings. In line with Trump's January executive order, it will lay out several new policies from tax provisions to capital markets rules that it says should be enacted to advance the policy goals of the pro-crypto White House. The working group led by Trump official Bo Hines includes several administration officials, including Treasury Secretary Scott Bessent, SEC Chair Paul Atkins, and Director of the Office of Management and Budget Russell Vought. On the campaign trail last year, Trump courted crypto cash by pledging to be a "crypto president" and promote the adoption of digital assets. That is in stark contrast to former President Joe Biden's regulators, who, in a bid to protect Americans from fraud and money laundering, cracked down on the industry. The Biden administration sued exchanges Coinbase COIN.O, Binance, and dozens more, alleging they were flouting U.S. laws. Trump's SEC has since dropped those cases. Wednesday's report comes just two weeks after the House of Representatives passed a bill called the Clarity Act that would create a broad regulatory guidelines for crypto, and the U.S. Senate is considering its own version of the measure. Earlier this month, Trump signed into law a bill to create federal rules for stablecoins, a type of cryptocurrency pegged to the U.S. dollar. That move was hailed as a major win for the digital asset industry, but the White House has said it wants Congress to pass market structure legislation like the Clarity Act next, which would have far wider repercussions for the industry. The report will ask lawmakers to consider several additional measures in the final version of the bill, which could influence ongoing discussions on Capitol Hill. The White House said that Congress should provide the CFTC with the authority to oversee crypto spot markets, and should recognize the potential of decentralized finance technology, referring to blockchain-based platforms that allow users to transact without intermediaries. The report will also offer several recommendations for the SEC and the CFTC, encouraging the regulators to use safe harbors and regulatory sandboxes to allow "innovative financial products to reach consumers without bureaucratic delays." That could include tokenization, which is the process of turning financial assets - such as bank deposits, stocks, bond funds and even real estate - into crypto assets. Crypto firms and others have been increasingly discussing the prospect of tokenization. Coinbase recently told Reuters it was seeking a green light from the SEC to offer blockchain-based stocks. The SEC has yet to weigh in publicly on that request. The crypto sector has for years argued that existing U.S. regulations are inappropriate for cryptocurrencies and has called for Congress and regulators to write new ones that clarify when a crypto token is a security, commodity, or falls into another category, such as stablecoins. The president's support for the crypto industry has sparked conflict-of-interest concerns, which at times have threatened to derail congressional crypto legislation. Trump's family has launched cryptocurrency meme coins, and the president also holds a stake in World Liberty Financial, a crypto platform. The White House has denied that any conflicts of interest are present.


CNA
20 hours ago
- Business
- CNA
White House set to unveil closely watched crypto policy report
A cryptocurrency working group formed by President Donald Trump is set to release a report on Wednesday that is expected to outline the administration's stances on tokenization and market-defining crypto legislation, among other issues critically important to the digital asset industry. Shortly after taking office in January, Trump ordered the creation of a crypto working group tasked with proposing new regulations, making good on his campaign promise to overhaul U.S. crypto policy. Wednesday's report is a culmination of the task force's work so far and its first public findings. In line with Trump's January executive order, it will lay out what rules and laws should be enacted to advance the policy goals of the pro-crypto White House. Those include making sure that the Securities and Exchange Commission has a framework in place for firms to offer blockchain-based stocks and bonds, according to one person familiar with the discussions. The report is also expected to discuss the administration's wish list for legislation Congress is currently debating to create broad regulatory guidelines for cryptocurrency, according to a second person familiar with the report. The working group led by Trump official Bo Hines is composed of several administration officials including Treasury Secretary Scott Bessent, SEC Chair Paul Atkins and Director of the Office of Management and Budget Russell Vought. The White House, Treasury Department and the SEC did not immediately respond to requests for comment on the report. "While there have been regulatory regimes in place that have maybe been piecemeal or have allowed the industry to grow in certain ways, the recommendations that we expect to see in the report will be a good roadmap for how to build out crypto as a continued important part of the economy going forward," said Rebecca Rettig, chief legal officer at crypto firm Jito Labs. On the campaign trail, Trump courted crypto cash by pledging to be a "crypto president" and promote the adoption of digital assets. That is in stark contrast to former President Joe Biden's regulators which, in a bid to protect Americans from fraud and money laundering, cracked down on the industry. The Biden administration sued exchanges Coinbase, Binance and dozens more, alleging they were flouting U.S. laws. Trump's SEC has since dropped those cases. TOKENIZATION, STABLECOINS, MARKET STRUCTURE Industry participants will be looking closely at what the report says about tokenization, the process of turning financial assets - such as bank deposits, stocks, bonds, funds and even real estate - into crypto assets. Crypto firms and others have been increasingly discussing the prospect of tokenizing securities as a new way to facilitate trading. Coinbase recently told Reuters it was seeking a U.S. green light from the SEC to offer blockchain-based stocks. The SEC has yet to weigh in publicly on that request. Wednesday's report is expected to recognize the need for the SEC to develop a framework for tokenization, according to a source familiar with the discussions, but the details of the language were not immediately clear. The report will also lay out what the White House would like to see from market structure legislation working its way through Congress, according to a separate person with knowledge of the report. The House of Representatives passed a bill called the Clarity Act earlier this month that would create a formal regulatory regime for crypto, and the U.S. Senate is considering its own version of the measure. Earlier this month, Trump signed into law a bill to create federal rules for stablecoins, a type of cryptocurrency pegged to the U.S. dollar. That move was hailed as a major win for the digital asset industry, and the White House has said it wants Congress to pass market structure legislation next, which would have far wider repercussions for the industry. The crypto sector has for years argued that existing U.S. regulations are inappropriate for cryptocurrencies and has called for Congress and regulators to write new ones that clarify when a crypto token is a security, commodity or falls into another category, like stablecoins. The president's support for the crypto industry has sparked conflict-of-interest concerns, which at times have threatened to derail congressional crypto legislation. Trump's family has launched cryptocurrency meme coins, and the president also holds a stake in World Liberty Financial, a crypto platform. The White House has denied that any conflicts of interest are present.


Reuters
20 hours ago
- Business
- Reuters
White House set to unveil closely watched crypto policy report
July 30 (Reuters) - A cryptocurrency working group formed by President Donald Trump is set to release a report on Wednesday that is expected to outline the administration's stances on tokenization and market-defining crypto legislation, among other issues critically important to the digital asset industry. Shortly after taking office in January, Trump ordered the creation of a crypto working group tasked with proposing new regulations, making good on his campaign promise to overhaul U.S. crypto policy. Wednesday's report is a culmination of the task force's work so far and its first public findings. In line with Trump's January executive order, it will lay out what rules and laws should be enacted to advance the policy goals of the pro-crypto White House. Those include making sure that the Securities and Exchange Commission has a framework in place for firms to offer blockchain-based stocks and bonds, according to one person familiar with the discussions. The report is also expected to discuss the administration's wish list for legislation Congress is currently debating to create broad regulatory guidelines for cryptocurrency, according to a second person familiar with the report. The working group led by Trump official Bo Hines is composed of several administration officials including Treasury Secretary Scott Bessent, SEC Chair Paul Atkins and Director of the Office of Management and Budget Russell Vought. The White House, Treasury Department and the SEC did not immediately respond to requests for comment on the report. "While there have been regulatory regimes in place that have maybe been piecemeal or have allowed the industry to grow in certain ways, the recommendations that we expect to see in the report will be a good roadmap for how to build out crypto as a continued important part of the economy going forward," said Rebecca Rettig, chief legal officer at crypto firm Jito Labs. On the campaign trail, Trump courted crypto cash by pledging to be a "crypto president" and promote the adoption of digital assets. That is in stark contrast to former President Joe Biden's regulators which, in a bid to protect Americans from fraud and money laundering, cracked down on the industry. The Biden administration sued exchanges Coinbase COIN.O, Binance and dozens more, alleging they were flouting U.S. laws. Trump's SEC has since dropped those cases. Industry participants will be looking closely at what the report says about tokenization, the process of turning financial assets - such as bank deposits, stocks, bonds, funds and even real estate - into crypto assets. Crypto firms and others have been increasingly discussing the prospect of tokenizing securities as a new way to facilitate trading. Coinbase recently told Reuters it was seeking a U.S. green light from the SEC to offer blockchain-based stocks. The SEC has yet to weigh in publicly on that request. Wednesday's report is expected to recognize the need for the SEC to develop a framework for tokenization, according to a source familiar with the discussions, but the details of the language were not immediately clear. The report will also lay out what the White House would like to see from market structure legislation working its way through Congress, according to a separate person with knowledge of the report. The House of Representatives passed a bill called the Clarity Act earlier this month that would create a formal regulatory regime for crypto, and the U.S. Senate is considering its own version of the measure. Earlier this month, Trump signed into law a bill to create federal rules for stablecoins, a type of cryptocurrency pegged to the U.S. dollar. That move was hailed as a major win for the digital asset industry, and the White House has said it wants Congress to pass market structure legislation next, which would have far wider repercussions for the industry. The crypto sector has for years argued that existing U.S. regulations are inappropriate for cryptocurrencies and has called for Congress and regulators to write new ones that clarify when a crypto token is a security, commodity or falls into another category, like stablecoins. The president's support for the crypto industry has sparked conflict-of-interest concerns, which at times have threatened to derail congressional crypto legislation. Trump's family has launched cryptocurrency meme coins, and the president also holds a stake in World Liberty Financial, a crypto platform. The White House has denied that any conflicts of interest are present.
Yahoo
20 hours ago
- Business
- Yahoo
White House to drop bombshell report on July 30
White House to drop bombshell report on July 30 originally appeared on TheStreet. The White House will release its first major crypto policy report on July 30. The report is expected to shed further light on the regulatory stance of the Donald Trump administration regarding crypto assets. Trump's crypto executive director Bo Hines earlier confirmed the report, which comes out after a 180-day review of Executive Order 14178, will release on July 30. "America is now leading the way on digital asset policy," he added. The report is expected to recommend policy reform guidelines for stablecoins pegged to the U.S. dollar, banking access and national security regarding virtual assets. We can also expect guidelines around technology-neutral regulatory clarity within well-defined jurisdictional document comes only days after extraordinary progress on key crypto bills such as the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act. U.S. government's crypto holdings The much-awaited report will also reveal the U.S. government's crypto stockpile holdings, including the status of the strategic Bitcoin reserve and the digital asset stockpile. The said stockpile consists of crypto assets seized through legal enforcement actions by federal agencies, such as the Federal Bureau of Investigation (FBI), the Department of Justice (DoJ), etc. As per BitcoinTreasuries, the U.S. government holds 198,012 BTC worth $23.2 billion at the time of writing. However, it is important to distinguish between seized and forfeited Bitcoin as the independent journalist, @L0la L33tz on X, recently underlined. While the U.S. government officially owns forfeited assets, seized assets are as likely to go into compensating victims of hacks, scams, etc., or into the government treasury. Jordi Visser, Senior Managing Director and Head of AI Macro Nexus Research at 22V Research, appeared on the CNBC show "Squawk Box Asia" on July 29, in which he said the current cycle is about "acceptance and adoption."In fact, he said he has seen a dramatic shift over the course of the last six weeks, beginning with Circle (NYSE: CRCL) making its public debut. He added he agreed with Tom Lee calling it crypto's "ChatGPT moment." Bitcoin, which hit a record high of $123,091.61 on July 14, was trading at $117,364.29 at press time. The total crypto market cap stood at $3.85 trillion at the time of writing. White House to drop bombshell report on July 30 first appeared on TheStreet on Jul 29, 2025 This story was originally reported by TheStreet on Jul 29, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
White House to drop bombshell report on July 30
White House to drop bombshell report on July 30 originally appeared on TheStreet. The White House will release its first major crypto policy report on July 30. The report is expected to shed further light on the regulatory stance of the Donald Trump administration regarding crypto assets. Trump's crypto executive director Bo Hines earlier confirmed the report, which comes out after a 180-day review of Executive Order 14178, will release on July 30. "America is now leading the way on digital asset policy," he added. The report is expected to recommend policy reform guidelines for stablecoins pegged to the U.S. dollar, banking access and national security regarding virtual assets. We can also expect guidelines around technology-neutral regulatory clarity within well-defined jurisdictional document comes only days after extraordinary progress on key crypto bills such as the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act. U.S. government's crypto holdings The much-awaited report will also reveal the U.S. government's crypto stockpile holdings, including the status of the strategic Bitcoin reserve and the digital asset stockpile. The said stockpile consists of crypto assets seized through legal enforcement actions by federal agencies, such as the Federal Bureau of Investigation (FBI), the Department of Justice (DoJ), etc. As per BitcoinTreasuries, the U.S. government holds 198,012 BTC worth $23.2 billion at the time of writing. However, it is important to distinguish between seized and forfeited Bitcoin as the independent journalist, @L0la L33tz on X, recently underlined. While the U.S. government officially owns forfeited assets, seized assets are as likely to go into compensating victims of hacks, scams, etc., or into the government treasury. Jordi Visser, Senior Managing Director and Head of AI Macro Nexus Research at 22V Research, appeared on the CNBC show "Squawk Box Asia" on July 29, in which he said the current cycle is about "acceptance and adoption."In fact, he said he has seen a dramatic shift over the course of the last six weeks, beginning with Circle (NYSE: CRCL) making its public debut. He added he agreed with Tom Lee calling it crypto's "ChatGPT moment." Bitcoin, which hit a record high of $123,091.61 on July 14, was trading at $117,364.29 at press time. The total crypto market cap stood at $3.85 trillion at the time of writing. White House to drop bombshell report on July 30 first appeared on TheStreet on Jul 29, 2025 This story was originally reported by TheStreet on Jul 29, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data