On July 30, the White House released an important report titled "Strengthening America's Leadership in Digital Financial Technologies," which spans 166 pages. This report is regarded as a significant milestone in U.S. crypto assets policy, clearly expressing America's determination to compete for global leadership in the fields of Blockchain, the crypto assets market, and tokenization finance.

The core content of the report revolves around regulatory clarity. At the legislative level, the report proposes that Congress enact laws to confirm that ordinary users can directly transfer and store crypto assets without the need for intermediary institutions. At the same time, the report recommends empowering Congress to prohibit central bank digital currencies (CBDCs), protect decentralized trading software developers, and explicitly grant the Commodity Futures Trading Commission (CFTC) the authority to regulate the spot market for non-securities digital assets.

In terms of regulation and taxation, the report recommends that federal banking regulators adopt technology-neutral risk management measures to avoid discrimination against legitimate encryption businesses. Additionally, the report calls for the U.S. Department of the Treasury and the IRS to issue new tax guidance on specific transactions (such as staking) and to design simplified reporting rules for digital asset exchanges. The report also urges Congress to amend tax laws to incorporate digital assets into wash sale rules and securities lending provisions.

It is worth noting that although the report is rich in content, it does not address the current amount of Bitcoin held by the U.S. government, nor does it mention any plans to actively purchase Bitcoin in the future. The report only reiterates the relevant content from the previous executive order without providing specific follow-up steps and implementation timelines.

This report was led by David Sacks, the White House's head of Crypto Assets and Artificial Intelligence Affairs, and Executive Director Bo Hines, integrating opinions from multiple departments including the Treasury Department, the Department of Commerce, the U.S. Securities and Exchange Commission (SEC), and the U.S. Commodity Futures Trading Commission (CFTC).

With the release of this report, the regulatory framework for digital assets in the United States may undergo significant changes, which will undoubtedly have a profound impact on the global crypto assets market. Market participants and regulatory agencies will closely monitor the implementation of these policy recommendations and how they will shape the future digital financial ecosystem.