So, the White House just dropped a report on digital assets, and here are the highlights:
- They officially recognize direct blockchain support, including public networks, validators, software, self-custody, and uncensored transactions, as key to the US digital economy.
- Dollar stablecoins are getting prioritized, with a focus on backing the USD in digital formats.
- CBDCs are a no-go. The Fed is straight-up banning any research or launch of a digital dollar.
- Banks need to provide services for crypto without regulatory pressures or arbitrary banking rules.
- They're calling for clearer regulations. Legislation is needed for stablecoins, tax reforms, and moving oversight of BTC and ETH from the SEC to the CFTC.
- They're planning to set up "safe zones" and "safe harbors" for innovation, so there’s no immediate risk of sanctions.
❗️ Now about that BTC Strategic Reserve (EO14233):
Withdrawn Bitcoins will stay on the US Treasury's balance sheet. They’re talking about BTC purchases, but no details yet. The main goal is digital sovereignty, not just speculation.
And there's a shift in how law enforcement will operate:
The DOJ is done with intimidating the industry through lawsuits instead of normal regulations. Their focus is on combating crime, not targeting developers.
This is the easiest way for them to export dollars and counteract all the measures that other countries, such as the BRICS, had implemented to free themselves from the dollar standard. If they make it as easy as clicking on your mobile phone to get dollars, demand will increase dramatically. Even in the EU, demand for euro stablecoins is only 3% of the demand for dollar stablecoins. I think that says it all.
This is much more important than it seems. Since Trump announced it, other countries have been abandoning or rethinking their CBDC projects (why would you issue a CBDC that you won't be able to use or exchange in the world's largest market?). I've talked about it in other forum threads, but people don't seem to realize how important it is, or they dislike Trump so much that they are blind to the positive aspects of this measure.
I agree that Trump is an evil genius. To issue your own stablecoins, you need to have treasuries, which means that there will be increased demand for treasuries now and interest rates will fall.
CBDC is the responsibility of the US central bank, and the US government is not responsible for stablecoins. If something happens to the price of a stablecoin, the US government will throw up its hands and say that you are unlucky.
I do not see much development in this market yet, but it seems that we are again entering the era of private money.