Bitcoin’s price is moving to the downside as the White House releases an extensive report on crypto policy, and the Federal Reserve once again decides against cutting interest rates.
The new 166-page crypto report, entitled “Strengthening American Leadership in Digital Financial Technology,” fails to address how much Bitcoin the US government currently holds or offer new details on whether the administration will actively purchase BTC.
Meanwhile, Chair Jerome Powell says the Fed is keeping interest rates locked and will continue to monitor whether President Trump’s tariffs have a negative impact on inflation.
As for what’s in the new crypto report, it proposes Congress enact legislation to affirm people’s right to transfer crypto assets without intermediaries and hold them in self-custody wallets.
It also proposes that Congress moves to ban Central Bank Digital Currencies (CBDCs), protect software creators who build decentralized ways for people to transact, and pass legislation giving the Commodity Futures Trading Commission (CFTC) clear authority to regulate spot markets for non-security digital assets.
The report recommends Federal banking regulators adopt technology-neutral risk management practices and avoid discriminating against lawful crypto businesses while asking agencies to implement the GENIUS Act and encourage US dollar-backed stablecoin development.
It also directs the Treasury Department and IRS to issue new guidance on adjusted financial statement income, staking and wrapping/unwrapping transactions, and propose regulations for less burdensome reporting for digital asset exchanges, while asking Congress to amend tax laws to include digital assets in wash sale rules, securities loans and other provisions.
The price of Bitcoin fell from a 24-hour high of $118,742 to as low as $115,521 right after the report’s release. BTC is priced at $116,558 at time of publishing.
You can check out the new crypto report here.
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