The US administration has released a report setting out plans to make America the 'crypto capital of the world', as promised by President Trump when taking office in January.

The report, by the White House Working Group on Digital Asset Markets, recommends new legislation and regulatory policies to 'support growth and innovation in the digital assets industry, protect consumers, and keep the USA at the forefront of digital asset development'. Reforms to achieve this goal – announced in Trump's Executive Order 14178 of 23 January 2025 – are necessary to enhance clarity, consumer protection and innovation in the digital asset sector, says the working group.

It identifies the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) as the key regulators in the process, and proposes extending existing rulemaking and exemptive authorities to enable the trading of digital assets.