🇺🇸 The White House working group publishes a long report on crypto including legislative proposals, details on crypto reserves.

The expected 168-page report presents recommendations on how crypto should be regulated, including language around the banking sector, stablecoins, taxes, and illicit financing.

A cryptocurrency sector official stated that it would serve as a "regulatory Bible," or a guide for the sector.

"The working group, as the author of this report, supports the idea that digital assets and blockchain technologies can revolutionize not only the American financial system but also the systems of property and governance of the economy as a whole. American entrepreneurs who innovate in new sectors through these technologies deserve both clarification of the policies that influence their efforts and congratulations for the progress they have made."

The working group made several recommendations in the report, notably urging Congress to affirm that people can hold their own cryptocurrencies without intermediaries, as well as granting the CFTC the authority to "regulate the spot markets for unsecured digital assets."

The president's working group has also been tasked with assessing the creation of a digital asset reserve.

🗞Bloomberg