President Donald Trump’s Working Group on Digital Asset Markets released recommendations for digital financial technology.
Details: The working group’s recommendations include:
Positioning the United States as the leader in digital asset markets.
Modernizing bank regulation for digital assets.
Strengthening the role of the U.S. dollar.
Combating illicit finance in the digital age.
Ensuring fairness and predictability in digital asset taxation.
Background: President Trump in January released an executive order creating the working group “to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.” The order also prohibited agencies from undertaking any action to establish, issue, or promote central bank digital currencies in the U.S. or abroad.
ICBA View: ICBA recently encouraged the Trump administration to ensure regulatory clarity for banks and a level regulatory playing field between the banking and crypto sectors. It also has repeatedly expressed opposition to the creation of a U.S. central bank digital currency, requesting federal records from U.S. agencies on whether legislative changes are required to issue a U.S. CBDC.