Trump's Crypto Task Force Pushes for New Regulations

The Trump administration's cryptocurrency working group has outlined its stance on crypto legislation, urging Congress to create a formal regulatory regime. The group advocates for trading platform custodianship and tailored disclosure regimes for crypto issuers. Recommendations also emphasize enabling digital asset trading at the federal level.

A cryptocurrency working group formed by President Donald Trump has laid out the administration's positions on key crypto legislation, pressing the U.S. securities regulator to devise rules specific to digital assets. A preliminary report urges Congress to establish a comprehensive crypto regulatory framework while advocating for optional provisions in the legislation.

The White House is calling on the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission to leverage their existing powers to facilitate federal-level digital asset trading. The report responds to Trump's executive order in January, aiming to fulfill his promise to refine U.S. crypto policies.

Led by Trump officials, the working group includes high-profile names like Treasury Secretary Scott Bessent. The report coincides with recent legislative developments, including the House's passage of the Clarity Act, indicating a shift in the regulatory landscape for cryptocurrencies.

(With inputs from agencies.)