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Bitcoin’s price took a hit after the White House released a lengthy report on digital assets and the Federal Reserve decided to hold interest rates steady once again.
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The new report, titled “Strengthening American Leadership in Digital Financial Technology”, lays out several major policy proposals for the crypto industry. Among its recommendations:
Congress should affirm the right to self-custody of crypto assets and allow transfers without intermediaries
Congress should ban Central Bank Digital Currencies (CBDCs) and protect developers who build decentralized systems
Lawmakers should give the Commodity Futures Trading Commission (CFTC) explicit authority to regulate spot markets for non-security digital assets
The report also advises federal banking regulators to adopt technology-neutral risk management policies and avoid discriminating against lawful crypto businesses.
Other sections direct the Treasury Department and IRS to issue fresh guidance on topics like staking, wrapping and unwrapping tokens, and adjusted financial statement income. The White House also wants Congress to amend tax laws to cover wash sales, securities loans, and other digital asset transactions.
The administration calls for the implementation of the GENIUS Act and pushes for the growth of US dollar-backed stablecoins as part of the country’s strategy.
Following the release, Bitcoin’s price slid from a daily high of $118,650 to as low as $116,000 as per CoinMarketCap data. At the time of writing, BTC is back up, trading around $118,540.
Federal Reserve Chair Jerome Powell added to market uncertainty by confirming that interest rates will remain unchanged while the Fed evaluates whether President Trump’s tariffs could increase inflation.