Trump’s Crypto Working Group Seeks Clear Federal Rules
Trump’s White House Working Group on Digital Asset Markets, led by David Sacks, has pressed for clearer federal crypto regulation. It urged the SEC and CFTC to set uniform standards on custody, registration, trading, and record-keeping, and recommended Congress classify cryptocurrencies as a distinct asset class and update tax rules. In July, the GENIUS Act became law, standardizing stablecoin regulation, digital asset custody, and tokenized markets. The group’s input also shaped the pending CLARITY Act and Anti-CBDC Surveillance State Act now before the Senate. Industry leaders including Michael Sonnenshein of Securitize and Sergey Nazarov of Chainlink welcomed these measures. The Atlantic Council predicts that regulatory clarity will drive major banks such as JPMorgan, Citigroup, and Bank of America to launch stablecoin services, spurring institutional adoption and expanding consumer access. Traders should monitor these crypto regulation developments for potential shifts in liquidity and trading strategies.
Bullish
Regulatory clarity from the Working Group and new legislation such as the GENIUS Act reduces legal uncertainty and lowers barriers for asset issuers. In the short term, this may boost trading volumes and liquidity as banks like JPMorgan and Bank of America enter the stablecoin market. Over the long term, uniform federal rules on custody, registration, and tokenized markets are likely to foster institutional adoption and product innovation. Clear tax guidelines further support market growth. Such developments typically drive demand for services like Chainlink’s oracle network and promote broader digital asset usage, making the overall impact bullish.