The Trump administration released a sweeping 166-page report detailing its policy roadmap aimed at integrating cryptocurrency more fully into the U.S. financial and tax systems—marking one of the clearest signals yet that digital assets will remain a core focus of federal economic and regulatory policy.

Framed as an effort to fulfill President Trump’s pledge to make the U.S. the “crypto capital of the planet,” the report offers detailed legislative and regulatory guidance on digital asset oversight, taxation, banking rules, and consumer protections.

Key Takeaways: The new White House report outlines a series of tax policy priorities that the Treasury Department, IRS, and Congress are being urged to address. These proposals seek to resolve longstanding uncertainties in how crypto is treated for federal tax purposes and to position the U.S. as a global leader in digital asset innovation.

Key Policy Proposals:

• New Asset Class Recognition: The administration is pushing for legislation to formally define digital assets as a distinct class for income tax purposes—one that may follow modified rules modeled on those governing securities or commodities.
• Wash Sale Rules: The report calls for extending wash sale rules to digital assets, closing a widely cited tax loophole that currently allows for the harvesting of crypto losses without restrictions.
• Corporate Alternative Minimum Tax (CAMT): The Treasury is being asked to clarify how crypto holdings and transactions factor into CAMT liability—an area of growing concern for companies actively trading or holding digital assets.
• Tax Guidance on Complex Transactions: The IRS is encouraged to issue guidance covering:
  • Valuation of digital assets traded on multiple platforms
  • Timing and recognition of gains/losses in various transaction types
  • Treatment of digital assets held in retirement accounts
  • Deductibility of crypto-related losses.
• International Reporting Obligations: The report floats the idea of requiring U.S. taxpayers to report foreign-held digital asset accounts—mirroring existing FBAR/FACTA-style disclosures.
• Prohibition of a Central Bank Digital Currency (CBDC): In a strong policy stance, the report calls for legislation banning the creation of a U.S. CBDC, positioning the administration firmly against any future Federal Reserve-backed digital dollar.
• Legislative Outlook: Several elements of the White House blueprint overlap with pending or proposed legislation already under consideration in both chambers. These include bipartisan bills aimed at:
  • Defining crypto broker and reporting obligations
  • Modernizing digital asset treatment under the tax code
  • Enhancing consumer protection and market oversight

Earlier this month, President Trump signed the first major crypto bill, the GENIUS Act, into law. The legislation laid out a regulatory framework for dollar-backed digital tokens known as stablecoins.

While political dynamics in Congress remain fluid, the report may serve as a rallying point for lawmakers seeking to unify fragmented digital asset policy under a more coherent federal framework.

What this means for FinTech and digital asset firms: Clients operating in the digital asset or crypto-adjacent sectors should be prepared for increased federal scrutiny and evolving tax compliance expectations in the months ahead. Proactive engagement with regulators and Congressional stakeholders—either independently or through coalitions—can help shape final rules and protect innovation.

We are actively tracking legislative developments and regulatory guidance related to the White House report and will continue to provide timely updates as further actions unfold.

For questions on how these developments may affect your operations, tax strategy, or compliance planning, please contact Jake Kohn and Jason Epstein.

The Nelson Mullins federal advocacy team, alongside our nationally recognized legal practice, brings deep experience in AI and technology law and policy. We help clients navigate the legislative, regulatory, and political landscapes—both in Washington, D.C. and across state capitals—to anticipate, understand, and respond to emerging developments. Our government relations and legal teams work together to ensure clients remain compliant and ahead of the curve as new regulations take shape and impact your industry and members.

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