"Strengthening the United States' Leadership in the Field of Digital Financial Technology" Report Content Review

# Over 100 Policy and Legislative Recommendations Proposed in Five Key Areas: Digital Asset Market Structure, Banking and Digital Assets, Stablecoins and Payments, Combating Illicit Financing, and Taxation

Authored by: Fintax

On July 30, 2025, the Digital Asset Market Task Force of the Trump administration released a report titled *Strengthening American Leadership in Digital Financial Technology* (hereafter referred to as the "Report"), outlining the U.S. strategic approach to digital assets and blockchain technology. The 160-page Report puts forward over 100 policy and legislative recommendations across five key areas: digital asset market structure, banking and digital assets, stablecoins and payments, combating illicit financing, and taxation. FinTax has provided an interpretation of the Report: the first part offers an overview of the main content in Chapters 1-6, while the second part presents a Chinese translation of Chapter 7 ("Taxation"), elaborating on the Report’s core essence and policy objectives.

Overall, the Report features several notable highlights:

First, the Report emphasizes the need to establish a clear, technology-neutral regulatory framework to support legitimate digital asset activities—marking a major shift in U.S. digital asset regulation from "enforcement-driven" to "guided by clear rules." Furthermore, the Report focuses on resolving overlapping functions and jurisdiction conflicts among regulatory authorities (e.g., the division of responsibilities between the SEC and the CFTC), requiring cross-agency coordination to enhance regulatory efficiency and policy consistency. Driven by both legislation and executive orders, the regulatory landscape will become increasingly clear, potentially attracting back digital asset market participants who previously withdrew.

Second, the Report boasts broad coverage and strong operability. Spanning market structure, banking and payments, stablecoins, illicit financing, and digital asset taxation, it provides over 100 specific regulatory and legislative recommendations, offering actionable guidance for various authorities to implement policies. Among these, progress in tax-related issues is particularly notable: the Report proposes pathways to update and revise rules such as those governing wash sales and safe harbors for commodity and securities transactions, and also provides recommendations on hot topics including the nature of stablecoins, digital asset wrapping technologies, and the Corporate Alternative Minimum Tax (CAMT).

However, the Report also contains aspects that require further discussion. On one hand, it relies heavily on legislation, meaning short-term certainty is limited. Specific legislative details—such as the boundaries of cross-agency regulation and the balance between compliance and privacy—still need to be explored by regulatory authorities through practice. On the other hand, while the Report proposes several potential solutions, the complexity of their implementation and feasibility remain to be verified.

In summary, the Report aims to build an innovative, transparently regulated, and globally competitive digital asset ecosystem in the United States, outlining a comprehensive blueprint to strengthen America’s leadership in digital finance. Implemented in conjunction with the newly released GENIUS Act, it reflects the Trump administration’s ambition to strengthen the U.S. dollar’s status as a settlement currency and dominate global capital flows in the digital era. As for its ultimate impact, it will need to be gradually verified through diverse digital asset trading practices.

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