The White House has rolled out a plan to supposedly kickstart a “new American Golden Age” by putting cryptocurrency at the forefront. A 160-page report outlines recommendations for creating a legal framework around crypto assets. If implemented, this would hand the crypto industry—already well-funded from its lobbying efforts—most of what it’s been clamoring for under Biden.
The plan suggests Congress should settle the debate on how to classify crypto assets and embrace decentralized finance. They want regulatory bodies to use safe harbors and sandboxes to let these financial products reach consumers without bureaucratic delays. If this sounds like a crypto wish list, that’s because it is. They also want banks to engage in crypto dealings and prevent what they call discrimination against crypto businesses. Here’s what this really means: the industry’s trying to get the government off its back while it figures out how to make real money.
The report claims digital assets could revolutionize America’s financial system. Sure, and I’ve got some oceanfront property in Arizona for sale. Entrepreneurs working with these technologies, they say, deserve clear policies and praise. But let’s cut through the fluff: this isn’t the first time we’ve seen this circus. Every new tech promises to change the world until it doesn’t.
Dubbed a “regulatory bible,” the report comes from a working group established by Trump. Members include David Sacks, a VC guy with crypto investments, and Howard Lutnick, formerly of Cantor Fitzgerald, connected to Tether. The insiders are writing the rules, folks.
Some recommendations are already in motion. The CLARITY Act, which would set a taxonomy for crypto assets and split oversight between the SEC and CFTC, has passed the House. Trump also signed a stablecoin-focused bill. This isn’t surprising; the industry found a friend in Trump. Once he was on board, the doors swung open.
The report echoes claims that the Biden administration was out to crush crypto with regulation. It even borrows industry terms like “Operation Chokepoint 2.0” to describe supposed discrimination. The narrative is that Trump’s election ended this overreach, marking a shift to a “better” approach. Here’s the kicker: this is all about loosening the reins so the crypto industry can run wild.
Charley Cooper from Ava Labs mentions there’s still a lot of work to do. He’s not wrong. The legislative process is slow, and despite the shift in Washington’s mindset, keeping up with the fast-paced world of financial services isn’t easy.
Meanwhile, the Trump family is diving deeper into crypto. Despite conflicts of interest, they’re launching memecoins, a bitcoin mining outfit, stablecoins, and more. Critics see this roadmap as Trump pushing his agenda under the guise of boosting America’s crypto prowess.
Tony Carrk from Accountable.US calls the roadmap a move to strip away investor protections for Trump’s and insiders’ benefit. No surprises here. The White House didn’t comment, and maybe that silence speaks volumes.
In the end, this is just the next chapter in the ongoing crypto saga. Investors should keep a skeptical eye, especially when the fox is guarding the henhouse.
