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"Washington just dropped a 160-page crypto bombshell - one that could help shape the industry in a big way over the coming years.
We’ve decoded the dense DC jargon, cut through the noise, and pulled out the hidden signals you really need to know. From self-custody protections to the reversal of crypto de-banking, this video breaks it all down.
If you care about the future of crypto in America and the world beyond, this is the episode you can’t afford to miss."
~ Coin Bureau
The White House has released a 160-page report, "Strengthening American Leadership in Digital Financial Technology," which takes a positive and proactive approach to regulating the crypto industry. The report moves away from a "chokepoint" strategy and instead embraces a pro-innovation stance, aiming for a "golden age of crypto." The key focus areas outlined in the report are market structure, banking access, stablecoins, illicit activity, and taxes. It supports the Clarity Act, which seeks to clarify regulatory definitions for digital assets, assigning non-security assets to the CFTC and securities to the SEC. The report also calls for a unified federal trading framework and advocates for the protection of self-custody wallets. Furthermore, it urges federal banking regulators to stop the "chokepoint" mentality and to treat crypto businesses as any other legitimate customer.
The report also backs the Genius Act, a stablecoin bill, and expresses a preference for private stablecoins over a central bank digital currency (CBDC) to maintain the dollar's global standing. While largely positive, a significant portion of the report is dedicated to combating illicit activities, suggesting stricter AML/CFT measures and wallet screening. Regarding crypto taxes, the report proposes modernizing tax guidance, including an exemption for small transactions and clarifying how staking and airdrop rewards are taxed. The video concludes that the report serves as a blueprint for future actions, which could bring about substantial changes in market structure and banking access.
0:00 Market Structure
0:36 Market Structure
4:27 Banking (and De-banking)
7:50 Stablecoins
11:26 Illegal Crypto Activity
15:43 Crypto Taxation
18:03 Looking Ahead
Source - Coin Bureau YouTube: https://www.youtube.com/watch?v=PD_uGS6b3jg
Disclaimer: This video is provided for informational purposes only, and not offered or intended to be used as legal, tax, investment, financial, or any other advice.
