The United States President Donald Trump ' s Digital Assets Working Group issued an encrypted report on its long-term commitment, outlining policy recommendations to regulate encrypted currencies in the United States, including encryption market structures, jurisdictional regulation, bank regulation, promotion of dollar hegemony through currency stabilization and the taxation of encrypted currencies.
By clearly defining which encrypted currencies are securities and which are commodities, the establishment of a “digital asset classification” is the first issue raised in the report issued on Wednesday.
According to the proposal in the document, the jurisdiction to regulate digital assets should be shared between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), of which the CFTC is responsible for regulating the spot-encrypted market.
The Working Group recommended that SEC and CFTC cooperate in the regulation of encrypted currency. Commodity tokens should be regulated by CFTC, while other currencies considered as securities would be regulated by the SEC. The authors of the report state that a well-defined and encrypted currency market structure would make the United States a global leader in the digital asset field.
“A reasonable regulatory framework for digital assets is the best way to stimulate innovation in the United States, to protect investors from fraud and to make our capital markets a place of envy in the world.” In response to the report, SEC Chairman Paul Atkins wrote.