The White House released its long -awaited Crypto report on Wednesday, detailing a number of policy recommendations that a bitcoin (Btc) Reserve.
The 166-page document Provides recommendations for many aspects of the crypto industry, including banking policy, stablecoins and counting of forbidden finances. The report cited the Strategic Bitcoin Reserve, less established in March, but did not mention further development.
Bitcoin maximalists said the order of the Bitcoin reserve should allow the government to actively buy the owner of a approach more similar to El Salvador.
While the crypto industry has further accepted the report and its potential impact on blockchain policymaking, others believe that the lack of action in a Bitcoin reserve is a missed opportunity.
The White House Crypto report has fallen into reserve plans
On January 23, just three days after office, US president Donald Trump signed an executive order that established the working president’s group in digital asset markets. He sets up an 180-day deadline for policy recommendations.
The US government is in the pro-crypto overdrive, leading many observers who expect significant updates to the so-called strategic bitcoin reserve. Following the news that the White House would include a reserve update, Bitcoin historian and advocate Pete Rizzo advised followers to “flex.”
The report contains twelve references to Bitcoin and its status as a seminal cryptocurrency that has led to the entire crypto industry, but Bitcoin’s strategic reserve is mentioned only once at the very end.
Even here, the “recommendation” presented by the White House was a simple restoration of terms laid out in the March 6 Executive Order, which established the reserve and the subsequent digital asset stockpile.
The Bitcoin community expressed its failure. CJ Burnett, Chief Revenue Officer of Compass Mining-a US-based crypto mining hosting firm with operations in Ohio and Texas-told the cointelegraph, “the absence of any mention of a strategic Bitcoin reserve in the White House report now is a missed chance. The markets are watching for leadership
Burnett said the lack of development in a Bitcoin reserve creates “unnecessary uncertainty” and risks that put the US in other countries.
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Bitcoin influencer George Bodine describes the lack of action in a Bitcoin reserve as another treachery of government confidence.
Others are more optimistic. Canadian blockchain and web3 investor Calvin Ayre Says That just mentioning Bitcoin in the report was that it was developed: “While many failed to lack the ‘Bitcoin Reserve’ details in the White House report, give them credit for creating a document that at least attempts to explain in detail how all these things work.”
Bitcoin journalist Susie Violet Ward Says The report “represents a clear policy shift. For the first time, Bitcoin is considered as something unique, quoted, mentioned, and understood on its own terms.”
He said that, while there were detailed details in the Bitcoin reserve, “the fact that Bitcoin is considered a strategic possession, separate from other digital possessions, indicates a clear transfer to the policy tone.”
“For bitcoiners, it’s a development.”
White House emphasizes clear policy
Bitcoin reserves, the report presents detailed policy measures for how crypto regulations should be updated.
Bo Hines, executive director of president of the president’s counselor in digital assets, Says That the policy proposals laid out in the report have been implemented in three stages.
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Demolition Phase – in which lawmakers have removed the policies implemented during the administration of former President Joe Biden.
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Construction phase – where lawmakers work in the industry to create laws that will help the industry develop.
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Implementation phase – passing laws.
One of the main purposes of the report is to create a “taxonomy” for digital assets to determine which one can be security or goods. In this regard, it is also recommended that the Commodity Futures Trading Commission and the Securities and Exchange Commission should share crypto administration, along with the CFTC regulating crypto markets.
The report also suggested that banks are allowed to take care of crypto and provide crypto-related services to clients. It also said that the process of getting a banking charter should be easier, with more transparent requirements.
The tax, which has long been a sore spot for Crypto holders in the US – various agencies that have a different crypto classification and it is recommended that it be taxed differently – are also included in the report.
The administration recommends that “the law should be implemented to treat digital ownership as a new class of properties that are subject to modified versions of tax policies that are applicable to security or goods for federal income tax purposes.”
Generally, the administration aims to enhance the adoption of crypto through its policies and subsequent legislative efforts in such a degree that a backlide in a stricter regulatory environment may not occur, says Hines.
The crypto industry provided the moniker “Operation Chokepoint 2.0” to the environmental regulation during the Biden Management. Hines Says“There is no way we will deal with an Operation Chokepoint 3.0. I think one of the greatest ways to prevent it is by adopting.”
However, the adoption of an active bitcoin reserve, is still having to wait, at least for now.
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