The long-awaited report from the Digital Assets Task Force, formed under Donald Trump, has been released in the U.S. The document outlines proposals for regulating the crypto market, dividing powers between regulatory agencies, banking access for digital assets, taxation policies, and the role of stablecoins in preserving dollar dominance.
A Clear Classification for Cryptocurrencies
The first recommendation on the list is the introduction of a unified “taxonomy” of digital assets. The proposal suggests defining which tokens qualify as securities and which fall under the category of commodities. To enforce this, regulatory oversight should be split between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The CFTC would oversee cryptocurrency spot markets, while the SEC would handle assets recognized as investment contracts.
According to the report’s authors, clearly defined responsibilities for regulators will bring transparency to the market and help the U.S. strengthen its global leadership in the digital economy. SEC Chairman Paul Atkins expressed support for the proposals.
“A rational digital asset regulatory framework is the best way to foster innovation, protect investors from fraud, and maintain the competitiveness of our capital markets,” he noted.
Banks May Gain Access to Custodial Services
A dedicated section of the report focuses on the role of banks. The task force recommends allowing credit institutions to offer clients custody and management services for digital assets. It also advises regulators to simplify and clarify the process of obtaining a banking license for companies intending to operate in the crypto space.
Stablecoins Prioritized Over CBDCs
The report emphasizes the strategic importance of stablecoins and the need to support them in order to maintain dollar hegemony. At the same time, the task force strongly urges Congress to pass the CBDC Anti-Surveillance State Act, which would ban the development of a digital dollar.
Interestingly, the report states outright that stablecoins and CBDCs are functionally similar in many ways. However, it highlights one key distinction: stablecoin issuers can cooperate with law enforcement agencies, including freezing or seizing funds suspected to be involved in illegal activity.
A Separate Tax Regime Proposed
The final section of the document addresses taxation. The task force recommends creating a dedicated tax policy tailored to the specifics of crypto assets, including staking. Legislation should recognize digital assets as a new class of property and introduce modified tax rules based on frameworks for securities and commodity assets.
The market reacted mildly to the news of cryptocurrency regulation, with total market capitalization rising just 0,3% over the past 24 hours.
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