The White House is getting ready to issue its first official crypto report after a few months of internal work.
According to To a Monday message from Crypto in America, the report, ordered under a January director of President Trump, was by July 22. Expect to outline a broad strategy for digital assets regulations in the US, it will mark the first formal position of the administration on how federal agencies must approach the crypto sector, which must approach both the legislative and regulatory recommendations.
The working group behind the report is also led by American Crypto Tsar David Sacks and Congressman Bo Hines, and includes senior officials of the Treasury Department, the SEC, the CFTC and the Department of Commerce.
With reference to sources that are familiar with the discussions, the report added that the group has been gathering for months to coordinate a federal framework that matches the goal of Trump to confirm the United States as the crypto capital of the world.
While the content of the report remains under wraps, early signals point to various important areas. A possible recommendation is to create a strategic Bitcoin reserve, as proposed by Trump earlier this year. The group is said to weigh how they can ensure that crypto companies have fair access to bank services, in particular with regard to the role of the Federal Reserve when providing access to payment infrastructures.
Acting CFTC chairman Caroline Pham reportedly described the continuous deliberations as ‘productive and fertile’, and called the upcoming report a possible route map for the Crypto agenda of the administration.
The expected release of July 22 comes when the congress is preparing to vote for a series of large crypto accounts, including the Genius Stablecoin Act and others who cover the market structure and digital currency of the Central Bank.
In the meantime, the Senate Bank Committee will also hold a hearing later this week about the regulation of the crypto industry, with testimony of industrial figures such as Ripple CEO Brad Garlinghouse, Blockchain Association CEO Summer Mersinger, Chainalysis CEO Jonathan Levin and Paradigm general partner than Robinson.
