Trump’s First Major Crypto Policy Report Set for July 22

Key Objectives of the Report

The report will be the result of work by the Presidential Working Group on Digital Asset Markets, a task force established earlier this year under President Trump’s executive order banning a Federal Reserve-issued digital currency.

That executive order also directed federal agencies to deliver a unified policy framework that could support innovation while protecting consumers.

One of the top priorities of the report is to address long-standing complaints from crypto companies regarding their exclusion from the traditional banking system. Many firms in the space have struggled to maintain relationships with U.S. banks due to unclear regulations and fears of liability. The new policy is expected to propose mechanisms that provide crypto firms with fair access to banking services while maintaining anti-money laundering standards.

Another critical area of the report will be the regulatory divide between agencies. Industry leaders have repeatedly called for clarity on which assets fall under the jurisdiction of the Securities and Exchange Commission (SEC) and which should be regulated by the Commodity Futures Trading Commission (CFTC). The Trump administration appears ready to propose that most cryptocurrencies be treated as commodities, leaving securities enforcement only for certain tokenized assets.

Proposed Stablecoin Protections

The policy is also likely to endorse consumer protections for stablecoins, suggesting rules for how issuers back their digital dollars and how reserves should be managed. This aligns with growing momentum in Congress, where lawmakers from both sides of the aisle have shown interest in advancing stablecoin legislation.

In what could be one of the report’s most controversial sections, the administration is expected to formally support the concept of a Strategic Bitcoin Reserve. The idea was floated earlier this year when the U.S. government announced that it would be exploring ways to leverage its holdings of seized Bitcoin for long-term value storage. Currently, the federal government holds over 200,000 BTC in various legal custody cases.

The upcoming report may propose expanding these holdings, potentially through purchases or budget-neutral asset swaps, to establish Bitcoin as part of the national reserve strategy. While some officials support this approach as a hedge against inflation and geopolitical uncertainty, others warn that the volatility of crypto markets could create new risks for the economy.

The report’s release date appears to have been chosen to coincide with a series of votes and hearings in Congress known as “Crypto Week.” Lawmakers are currently reviewing a package of bills that includes stablecoin regulations, anti-CBDC provisions, and the long-anticipated Clarity Act, which aims to establish boundaries between securities and commodities within the digital asset sector.

Trump’s Evolving Stance on Crypto

The policy report marks a significant shift in Donald Trump’s position on crypto. During his previous presidency and the early years of this campaign cycle, Trump was critical of Bitcoin and other digital assets, calling them dangerous and unregulated. However, since returning to the office, his tone has changed. He now frames crypto as a key part of America’s economic strategy and an important tool for financial freedom.

Some critics argue that this pivot is politically motivated, especially given the rise of crypto as a mainstream investment and the presence of major donors with ties to blockchain startups. Others believe that the move simply reflects a broader global trend where governments are beginning to engage with digital assets in a more structured and strategic way.

Global Implications and Reactions

Globally, the U.S. is not alone in exploring the use of crypto at the national level.

Countries like El Salvador have already adopted Bitcoin as legal tender, while others like Japan and Argentina are experimenting with state-held crypto reserves. The European Union has responded with a regulatory package that could limit how stablecoins are used within the bloc, citing concerns about financial sovereignty.

As the U.S. now takes a more assertive stance, other governments are expected to reassess their own strategies. There is also concern that the American move away from central bank digital currencies could put it at odds with international institutions that are actively testing CBDCs.

Anticipated Impact and Future Outlook

The July 22 release will be closely watched by crypto markets, industry leaders, and policymakers around the world. Analysts expect price reactions for major cryptocurrencies like Bitcoin and Ethereum, particularly if the report includes direct references to Federal Reserve holdings or future asset purchases.

More importantly, the tone of the report could shape how the next wave of crypto regulations unfolds in the U.S. If aligned with congressional efforts and supported by financial agencies, this document could become the foundation for a regulatory environment that encourages growth while addressing legitimate risks.

For now, the industry waits as Washington prepares to take its biggest step yet into the world of crypto.