White House to Unveil Cryptocurrency Strategies
The White House continues to support the nomination of a candidate to chair the Commodity Futures Trading Commission (CFTC), despite cryptocurrency lobbying efforts aimed at blocking his confirmation. The nominee's confirmation has been delayed, with no specific reason given.
Meanwhile, Sen. Cynthia Lummis, R-Wyo., and other Republican senators are considering including "taxonomy" provisions in their legislation overhauling crypto regulations. Lummis has also pushed for proposals to absolve bitcoin miners from reporting gains and losses in the GOP's megabill.
In a separate development, the White House is set to release a report on cryptocurrency regulation today. The report, titled the 2025 Working Group on Digital Asset Markets report, outlines future steps, including the establishment of a national digital asset reserve from seized cryptocurrencies and reforms to digital asset tax policy aimed at greater fairness and predictability.
The report recommends creating a "national digital asset stockpile" by the federal government from cryptocurrencies seized in law enforcement actions, which would serve as a federal crypto reserve. Regarding crypto taxes, the report calls for new legislation and clearer IRS guidance to address the "special characteristics" of digital assets.
As senators prepare for a vote after the August recess, Republicans are hoping to speed up the confirmation of President Donald Trump's nominees, while Democrats are desperate to extract concessions. The Senate Majority Leader John Thune has indicated that something needs to give.
However, a Republican senator has stated that waiting won't make a difference because there's no time to move on the floor. Senators are preparing to stay in Washington through the weekend for the confirmation of President Donald Trump's nominees. A vote on the CFTC pick is expected after the August recess.
The White House has reiterated its support for the CFTC pick amid reports that cryptocurrency executives had lobbied against his confirmation. The administration believes that the nominee's expertise and experience make him the best candidate for the role.
Sources:
- White House Report Outlines Plans for Crypto Regulation
- White House Proposes National Digital Asset Reserve
- Republicans Consider Crypto Tax Provisions in Regulatory Overhaul
- White House Stands by CFTC Pick Despite Cryptocurrency Lobbying
- White House Report Focuses on Crypto Tax Fairness and Predictability
- The White House's backing for the nominee to chair the Commodity Futures Trading Commission (CFTC) appears to be grounded in his expertise and experience in finance, despite the attempts by cryptocurrency executives to block his confirmation.
- Amidst the ongoing political negotiations over crypto regulations, Sen. Cynthia Lummis and other Republican senators are contemplating including provisions for crypto taxation in their legislation, while simultaneouslypushing for proposals that exempt bitcoin miners from reporting gains and losses, indicating a convergence of politics and investing in the crypto sector.
