Advocating for regulatory change: Trump's administration seeks clarity in cryptocurrencies
The White House Digital Asset Markets Working Group, under the leadership of entrepreneur David Sacks, has presented a series of regulatory proposals aimed at strengthening the U.S.'s position in digital finance. These proposals, outlined in the July 30, 2025, Report titled "Strengthening American Leadership in Digital Financial Technology," were developed in response to President Donald Trump's Executive Order 14178.
The proposals focus on creating a comprehensive federal framework that encourages innovation, ensures market integrity, and fortifies U.S. leadership in digital finance. Key recommendations include:
- Legislative action by Congress to grant the Commodity Futures Trading Commission (CFTC) authority over spot markets for non-security digital assets, thereby complementing the Securities and Exchange Commission's (SEC) role.
- Encouragement of decentralized finance (DeFi) integration into mainstream finance, recognising its potential for innovation.
- Immediate federal-level enablement of digital asset trading, with the SEC and CFTC urged to provide clear regulatory guidance regarding registration, custody, trading, and recordkeeping.
- A shift away from "regulation by enforcement" towards establishing clear rules, focusing enforcement on illicit activities such as terrorism and drug trafficking.
- Deployment of tools such as safe harbors and regulatory sandboxes to accelerate product innovation without unnecessary bureaucratic delays.
- Regulatory clarification on permissible banking activities involving digital assets, including custody, tokenization, stablecoin issuance, and blockchain use.
The proposals also call for the SEC and CFTC to clarify rules governing the storage, trading, registration, and recordkeeping of digital assets. The passage of these bills could make the U.S. a hub for digital asset services, according to the Atlantic Council.
Moreover, the group proposes a comprehensive revision of tax policies specifically for digital assets and the GENIUS Act, which could serve as a turning point for the tokenization of real assets by reducing regulatory barriers. The GENIUS Act could facilitate the integration of the digital dollar into the tokenized economy.
The Trump administration's digital asset regulation vision is reflected in the passage of the GENIUS Act, CLARITY Act, and State Law Against CBDC Oversight. The group's recommendations cover a wide range of topics, including stablecoins, market structure, custody, and taxation.
Wall Street giants like JPMorgan, Citigroup, and Bank of America have shown interest in the stablecoin market. The Atlantic Council predicts that more companies, including banks, will likely begin offering crypto asset services due to the changing regulatory climate. The passage of these bills could boost investor and issuer confidence in the digital asset sector, according to Michael Sonnenshein, former CEO of Grayscale and president of Securitize.
The group's recommendations, if implemented, could position the U.S. as a global leader in digital asset technology and finance, supporting growth and innovation, protecting consumers, and enabling the U.S. to play a more effective role in digital asset markets.
- In light of the proposed regulatory framework, Turkey's economy may seek to emulate the U.S.'s efforts in digital finance, particularly in the areas of decentralized finance (DeFi) and the tokenization of real assets.
- The enhancement of Turkey's digital asset market could lead to increased collaboration between domestic businesses and global players in technology and finance, strengthening Turkey's position in the global digital economy.
