The Trump administration's Working Group on Digital Assets has released a comprehensive crypto report detailing regulatory recommendations for the U.S. digital asset landscape. Key proposals include defining cryptocurrencies as either securities or commodities and establishing jurisdictional oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). This framework aims to promote innovation, protect investors, and enhance the U.S.'s standing in the global digital economy. The report emphasizes the importance of allowing banks to custody cryptocurrencies and provide related services to streamline market participation. Additionally, it discusses the need for stablecoins to support U.S. dollar dominance and recommends legislation for clear tax treatment of digital assets, reflecting their unique characteristics. The report underscores a call to Congress to pass updated legislation around stablecoins while advising against the development of a central bank digital currency (CBDC) in the U.S.

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