As the Trump administration's digital asset working group intensifies preparations to submit its first major cryptocurrency policy report, the regulatory and development roadmap for U.S. cryptocurrencies is about to emerge. However, the substantial profits that Trump and his family have made in the cryptocurrency space have sparked strong criticism from Democrats, intertwining the cryptocurrency legislative process with political corruption controversies, thereby increasing its complexity.

The Trump administration is pushing for cryptocurrency policy development with unprecedented speed and intensity.

Digital Asset Working Group: According to Cryptoinamerica, the Trump administration's digital asset working group is accelerating preparations to submit its first major cryptocurrency policy report by July 22. This report is the result of months of collaboration between working group leaders David Sacks, Bo Hines, and senior officials from the Treasury Department, Commerce Department, SEC, and CFTC.

Executive Order Driven: The report aims to implement the executive order signed by President Trump in January to strengthen the U.S. leadership in the cryptocurrency sector. The working group's original tasks included developing a federal digital asset framework covering stablecoins (Congress has already initiated related procedures) and exploring whether to establish a national digital asset reserve (which Trump set up in March).

"Cryptocurrency Roadmap": Working group member and CFTC acting chair Caroline Pham stated in a recent speech that the report will serve as the government's "cryptocurrency roadmap," describing the current work as "productive." White House officials indicated that the report will be released as scheduled before the July 22 deadline.

Potential Policy Recommendations: Although the details of the report have not been disclosed, industry insiders speculate it may include: a strategic Bitcoin reserve fundraising plan that does not increase taxpayer burdens, and recommendations to ensure that crypto companies have fair access to banking services from institutions like the Federal Reserve— which has historically refused to allow crypto companies direct access to its payment systems.

This series of initiatives indicates that the Trump administration is committed to building a clearer and more favorable regulatory environment for the U.S. cryptocurrency industry, aiming to solidify America's leadership in the global digital asset space.

However, as digital asset legislation rapidly advances in Congress and is about to be sent to President Trump for signing, the president's personal cryptocurrency trading is increasingly under fire, casting a shadow over the cryptocurrency legislative process.

Democratic Criticism: Democrats in both the House and Senate have protested against "Trump's cryptocurrency corruption," creating enough momentum for industry policy leaders to believe that the market cryptocurrency structure bill they desire is now doomed to fail.

Polling Controversy: A poll commissioned by the Cedar Innovation Foundation (a pro-cryptocurrency lobbying organization that does not disclose its supporters) attempted to refute claims that the president's digital asset activities have significantly obstructed the industry's legislative agenda. The poll found that only a slight majority of voters nationwide were unaware of Trump's personal cryptocurrency risks, with about 60% of respondents recently "not seeing, reading, or hearing" any information about the president "earning millions through his family's cryptocurrency company." However, other recent polls (such as Data for Progress) found that a vast majority of voters (62%) believe Congress should insert provisions in cryptocurrency legislation to "prevent Trump and his family from profiting personally from cryptocurrencies."

Substantial Personal Profits: Although Trump has been involved in cryptocurrency since 2022, his family's participation in this field has accelerated sharply since his second term began. For example, the Trump family's Ethereum decentralized finance platform, World Liberty Financial, sold native WLFI tokens worth $550 million earlier this year, bringing an estimated $390 million in revenue to the president and his partners. After the official launch of Trump's Solana meme token TRUMP in January, its fully diluted valuation quickly exceeded $70 billion, although it has since dropped to about $8.6 billion. The president and his partners own 80% of all TRUMP tokens, which will unlock over the next three years.

Refusal to Divest: When asked if he would consider relinquishing numerous cryptocurrency risks to help advance cryptocurrency legislation, Trump dodged the question and refused to commit to divestment. He further argued that without his help, the industry would turn to China.

The first significant cryptocurrency legislation expected to pass Congress is the GENIUS Act, which will establish a framework for issuing and trading stablecoins in the U.S. The bill passed the Senate last month and will be voted on in the House next week.

Notably, the bill does not include any provisions restricting the president and his family from issuing or profiting from their own stablecoins. Trump and his World Liberty Financial business partners launched such a product, USD1, in March. According to CoinGecko, USD1 is currently the eighth-largest stablecoin in the world, with a market cap of $2.2 billion.

This means that the passage of the GENIUS Act, while bringing a regulatory framework to the stablecoin industry, could also lend legitimacy and significant commercial benefits to Trump family's personal cryptocurrency business, thereby intensifying external scrutiny over whether his policymaking is driven by personal interests.

The Trump administration's push for cryptocurrency policy and the upcoming digital asset working group report are expected to provide a clear roadmap for the U.S. cryptocurrency industry. However, the substantial profits that Trump and his family have made in the cryptocurrency space, along with the potential conflicts of interest with the soon-to-be-passed GENIUS Act, have made the cryptocurrency legislative process fraught with controversy. This deep intertwining of politics and cryptocurrency not only tests the independence and fairness of U.S. regulatory agencies but also serves as a reminder to the market that while focusing on favorable policies, it must remain vigilant against potential conflicts of interest and corruption risks.

Related: SEC Confirms Bitcoin (BTC) and Ethereum (ETH) ETF Applications Submitted by Trump's Truth Social

Original article: “The Trump Administration Will Submit Its First Major Cryptocurrency Policy Report, Revealing the Roadmap for U.S. Digital Assets”

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。