What Happened?
On July 30, 2025, the President’s Working Group on Digital Asset Markets released a comprehensive Digital Assets Report, outlining a national strategy for cryptocurrency and blockchain. Declaring a departure from the prior Administration’s approach, the report recommends that regulators adopt pro-innovation rules toward digital assets and blockchain technology. It addresses market structure, banking, payments, stablecoins, taxation, and anti-money-laundering (AML) measures.
The Working Group was established in the President’s January Executive Order, Strengthening American Leadership in Digital Financial Technology, which declared support for the responsible growth and use of digital assets, blockchain technologies, and related technologies across all sectors of the economy.
Why Is It Important?
The report marks a significant shift in U.S. policy, and it is designed to position the United States as a global leader in digital finance. It outlines lawful digital asset use, including self-custody rights, and promotes U.S. dollar-pegged stablecoins to strengthen dollar dominance globally (while rejecting a U.S. central bank digital currency). The recommended framework includes tools that include safe harbors, innovation exemptions, and updated tax and banking rules.
On July 31, 2025, SEC Chair Paul Atkins amplified the report’s significance in a speech, American Leadership in the Digital Finance Revolution, calling it a “blueprint to make America first in blockchain and crypto technology.” He characterized the potential of digital asset technology as a new area in the history of financial markets and said that regulatory clarity could unleash unprecedented capital formation and consumer choice.
What To Do Now?
The regulatory tide has clearly shifted for companies who wish to explore or engage in the digital asset ecosystem. As always, sound compliance and governance structures will be key as regulatory expectations evolve. Additionally, engaging with regulators and industry groups to craft safe harbors and sandbox programs will be crucial to ensure alignment with evolving regulatory approaches for AML, banking, tax, and digital identity standards.
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