A preview of the 180-day White House crypto report from the Presidential Working Group on Digital Assets has arrived, but it leaves out the Bitcoin reserve. The White House has released a preview of its long-awaited crypto report after months of coordination across federal agencies. Notably, this marks the administration's first major policy document on digital assets since President Trump established the Presidential Working Group on Digital Asset Markets back in January 2025.SEC, CFTC, DeFi, and StablecoinsSpecifically, the White House crypto report presents a clear direction for crypto policy, pushing for faster innovation and stronger clarity in regulations. It urges financial regulators like the SEC and CFTC to close existing gaps and immediately allow digital asset trading at the federal level. The goal is to give crypto companies and investors clear rules on registration, trading, custody, and compliance without the red tape that has slowed the industry for years.In addition, the report calls for fresh efforts to bring decentralized finance (DeFi) into the mainstream. It suggests that agencies create regulatory sandboxes and safe harbor programs so developers can launch new crypto products quickly, without facing early enforcement actions. This approach aims to support innovation while protecting consumers.Moreover, it places a focus on stablecoins, especially those tied to the U.S. dollar. After President Trump signed the GENIUS Act earlier this month to establish a federal framework for stablecoins, the working group now wants agencies to move fast in putting it into action. The report describes stablecoins as tools that can help strengthen the dollar's role in the global financial system.CBDCs and Taxes Further, the administration doubled down on its opposition to central bank digital currencies. It called for legislation to ban the development of a U.S. CBDC, citing privacy concerns and warning against potential surveillance by the federal government.Regarding taxes, the working group asked the Treasury Department and IRS to revisit current rules. It wants better guidance on how to handle crypto activities like mining, staking, and small everyday transactions. Notably, earlier this month, Fidelity made a similar suggestion to Congress.Still on tax, the Presidential Working Group also recommended changes that could make it easier for businesses and individuals to use digital assets for payments, including updates to rules around the corporate alternative minimum tax and de minimis thresholds.White House Crypto Report Preview Leaves Out Bitcoin ReserveWhile the White House crypto report covers a wide range of issues, it leaves out one key topic: the Strategic Bitcoin Reserve and the broader plan to build a national stockpile of digital assets. Crypto commentators have called attention to this omission, especially since President Trump signed an executive order in March to create both programs. The White House even hosted a Crypto Summit that same month to bring in industry voices on how to manage these reserves. Despite that momentum, the new report offers no update on those plans. However, only the review has made it to the public. It remains to be seen if the full report will include this important aspect of the U.S. crypto journey.The Trump Administration Pushing for Clearer Crypto PoliciesNotably, the report follows a strict timeline set by Trump's executive order from January, which gave federal agencies 180 days to review existing crypto rules, suggest changes, and submit a full report to the National Economic Policy Office. Since then, the administration has moved to update crypto policy.Just days after the order, the SEC launched a dedicated Crypto Task Force to draft new rules. In March, Trump ordered the creation of the Bitcoin reserve and national crypto stockpile. The administration also disbanded the DOJ's crypto enforcement team in April, signaling a softer enforcement approach. Then, in July, Trump signed the GENIUS Act into law, locking in a regulatory framework for stablecoins.Meanwhile, the SEC under Trump scaled back and paused several high-profile lawsuits against crypto firms. The administration also rolled back Biden-era tax rules on crypto reporting, reducing compliance burdens for both users and businesses.
