White House Drops Crypto Report Bombshell—But What Are They Hiding About Their Bitcoin Reserves?
The report urges Congress to affirm the right to self-custody digital assets and recommends granting the CFTC authority over non-security spot markets. It also calls for updated crypto tax guidance, including treatment of wrapping transactions, unrealized gains, and de minimis use.
The working group supports expanding mobile payment rails and digital ID systems to improve access and boost national competitiveness. It also pushes for a review of DeFi systems and a possible exemption from securities registration for software-controlled protocols.
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