United States of America: President’s working group on digital asset markets released report on strengthening American leadership in digital financial technology

On 30 July 2025, the President’s Working Group on Digital Asset Markets adopted a report recommending legislative and regulatory measures to strengthen American leadership in digital financial technology. The report applies to firms involved in digital asset markets, including spot market operators, decentralised finance (DeFi) platforms, banks, and digital asset users. It calls for the United States Congress to grant the Commodity Futures Trading Commission (CFTC) oversight of spot markets for non-security digital assets, support decentralised finance, and enact tailored tax rules. It also urges the Securities and Exchange Commission (SEC) and the CFTC to clarify digital asset trading requirements and promote innovation through regulatory sandboxes, while banking regulators are encouraged to support blockchain-related services and implement the Guaranteeing Electronic Neutrality in the United States (GENIUS) Act on stablecoin regulation. Additional recommendations include banning central bank digital currencies (CBDCs), updating anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations for decentralised finance, and reducing tax compliance burdens.