The White House released the "Digital Assets Report" stating that the United States aims to be a leader in encryption, but it lacks a section on Bitcoin reserves.

The White House has released a 166-page national strategy for digital assets, outlining a "golden age" blueprint from stablecoins to DeFi, but the originally mentioned U.S. Bitcoin strategic reserve is absent from the final document, raising market concerns. (Background: The U.S. GDP grew by 3% in the second quarter, exceeding expectations, but why do I feel increasingly uneasy despite the bright data?) (Additional context: The false promises of stablecoins: a ticking time bomb for the next U.S. financial storm) The lengthy 166-page White House report proclaims that the U.S. aims to become a "global leader" in Blockchain, Crypto Assets, and tokenization finance. Following an executive order issued by Trump in January, the interdepartmental coordination in Washington has been notably swift, culminating in this "Presidential Digital Asset Market Working Group Report," which aims to usher in a "golden age" for digital finance. This report, spanning 166 pages, was primarily authored by the White House's crypto and AI chief, "crypto czar" David Sacks, and executive director Bo Hines, integrating opinions from the Treasury Department, Commerce Department, SEC, and CFTC. U.S. unveils crypto strategy blueprint According to the White House fact sheet, the policy focuses on three main areas: providing regulatory certainty, supporting innovation, and strengthening consumer protection. The SEC, Treasury, and CFTC have clear divisions of labor; traditional banks are encouraged to offer custody and tokenization services; and for DeFi, the government has opened up a "Regulatory Sandbox" and "safe harbor" mechanism for the first time. The report is ambitious, with David Sacks emphasizing that we are laying the groundwork for the next financial era, ensuring the U.S. remains a global innovation leader. The "GENIUS Act" stablecoin regulation The "GENIUS Act" (Guaranteeing Essential National Infrastructure in US-Stablecoins), signed by Trump in July, tailors a federal framework for stablecoins: only banks or qualified credit unions can issue them, and they must be backed 100% by USD or short-term government bonds. The U.S. Treasury becomes the primary regulator and requires monthly reserve disclosures. More crucially, payment stablecoins issued by authorized entities will not be classified as securities or commodities, directly excluding the SEC and CFTC from the equation, thereby establishing operational rules at once. The shadow of the 2022 TerraUSD collapse has yet to dissipate, and this "regulatory iron bridge" is seen as a foundation for rebuilding market confidence. The "CLARITY Act" clears regulatory fog Another piece of the puzzle is the "Digital Asset Market Clarity Act" (CLARITY Act), which has passed the House and is on its way to the Senate. The act categorizes tokens into three tiers: "digital commodities," "digital securities," and "allowed payment stablecoins," and introduces a "maturity" test: early-stage fundraising falls under SEC jurisdiction, but once a project reaches decentralization, it can be classified as a commodity and regulated by the CFTC. This flexible classification helps startups lower compliance costs and informs investors about the boundaries of rights and responsibilities. The act also establishes a category for "digital commodity exchanges," simplifying registration steps for operators. The regulatory atmosphere is warming simultaneously. After Paul Atkins took over the SEC, the agency quickly approved Bitcoin, Ether, and other crypto asset ETFs to adopt a physical purchase and redemption mechanism. Bitcoin strategic reserve "absent" The report covers almost all aspects, but the market's most anticipated "U.S. Bitcoin strategic reserve" has vanished from this finalized report. This concept, mentioned in the January executive order, has no timeline or implementation details. Speculation arises that it may involve difficulties in interdepartmental coordination or that the White House is reserving flexibility for future policy tools. Regardless of the reason, this gap adds to the imagination surrounding the narrative of "Bitcoin = digital gold." Related reports Not yet widely adopted, can Trump's USD1 remain stable after decoupling? The Federal Reserve is unlikely to cut rates in July; what other highlights are there in the FOMC meeting? Divisions within the Fed, Powell's fight against Trump... Bitmain plans to establish its first factory in the U.S.! Responding to policy bonuses and Trump’s tariff pressures, production is expected to start in early 2026. This article, titled "The White House Releases Digital Asset Report: The U.S. Aims to Be a Crypto Leader but Lacks Bitcoin Reserve Section," was originally published in BlockTempo, the most influential blockchain news media.