Trump administration releases report on "Virtual Currency Golden Age" What is the plan for Bitcoin reserves?

## "The Golden Age of Crypto Coin"

The Trump administration's White House released a comprehensive 168-page report on cryptocurrency regulation on the 30th, declaring the arrival of the "golden age of cryptocurrency." The report was prepared by the Digital Asset Market Working Group established by President Trump in January and includes recommendations on banking, cryptocurrency reserves, stablecoins, taxation, and anti-money laundering measures.

The working group included Treasury Secretary Scott Bessen, Commerce Secretary Howard Lutnick, and SEC Chairman Paul Atkins. Administration officials described it at a press conference as "the most comprehensive deliverable ever published regarding digital assets."

The report states that "digital assets and blockchain technology have the potential to revolutionize not only the U.S. financial system but also the ownership and governance systems of the entire economy." It emphasized the need to support technological innovation by U.S. entrepreneurs and to clarify policies and praise progress.

Among the main recommendations, it calls on Congress to secure individuals' rights to hold cryptocurrencies without intermediaries and to request the CFTC to grant regulatory authority over the spot market for non-security digital assets. It also advocates for the adoption of decentralized finance (DeFi) technologies and recommends the establishment of regulatory sandboxes by the SEC and CFTC. Additionally, it urges the SEC to consider the creation of a safe harbor for cryptocurrencies and the exemption from registration requirements for the distribution of securities.

Regarding the strategic reserve of Bitcoin, the Treasury Department has explained again that it will capitalize on seized digital assets. The stored Bitcoin will, in principle, not be sold and will be maintained as a U.S. reserve asset utilized to achieve government goals in accordance with applicable laws. On the other hand, the report does not specify methods for additional purchases mentioned by a former White House official or the current number of held BTC.

However, according to Bloomberg's report, the administration is expected to announce details of the reserves soon.

From a tax perspective, it recognizes the unique characteristics of digital assets at the federal level, and the IRS is seeking guidance on unrealized gains and losses of investment assets and minimal digital asset receipts.

This month, the Senate announced its own version of the market structure bill, which is being discussed alongside the "Clarity Act" that has passed the House. Administration officials commented that they will closely watch the developments of the Clarity Act in the coming months, which has received bipartisan support.

Industry stakeholders evaluate the report as an important step in providing legal and regulatory clarity. James Butterfill, Head of Research at CoinShares, stated that it is "extremely ambitious and intellectually clear," while also pointing out that bipartisan legislative measures and regulatory enforcement are essential for success.

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