President Donald Trump’s administration released its most detailed digital asset policy report on Wednesday, outlining a broad regulatory roadmap for crypto but offered no new insight into the government’s proposed strategic Bitcoin (BTC) reserve.
The 163-page document, prepared by the President’s Working Group on Digital Asset Markets, consolidates the administration’s position across stablecoin regulation, tax reform, and federal market oversight.
While the report affirms a commitment to digital innovation, it stops short of introducing new initiatives or expanding on earlier announcements, including the high-profile plan to build a federal reserve of Bitcoin and other digital assets.
The reserve proposal, initially introduced through a January executive order, receives only a passing mention in the final section of the report.
Senior administration officials said work is underway but offered no timeline or further details. Trump adviser Bo Hines previously indicated that the government may choose not to publicly release the reserve’s development report despite intentions to accumulate BTC.
The lack of specifics on the reserve initiative has fueled uncertainty within the crypto industry, which had hoped for a clearer blueprint. The project had drawn attention earlier this year when officials suggested it would rely in part on assets seized through enforcement actions.
Lawmakers, including Senator Cynthia Lummis (R-Wyo.), have introduced legislation, such as the BITCOIN Act, to support strategic accumulation, but those efforts remain stalled in Congress. Beyond the reserve issue, the report reaffirms support for the administration’s existing legislative priorities.
It highlighted the recently enacted GENIUS Act, which sets regulatory standards for stablecoin issuers, and follows the progress of the Clarity Act, an expansive bill governing crypto market structure, now under Senate consideration after passing the House.
The report also encouraged federal regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to use their current authority to facilitate digital asset trading, even as legislative work continues.
A separate section outlines tax reform proposals aimed at easing the compliance burden for crypto users. These include thresholds that exempt low-value transactions from capital gains taxes and updates to how staking rewards are treated for tax purposes, policies long championed by Lummis and other digital asset advocates.
Officials described the report as a framework for measuring progress under President Trump’s crypto agenda. While the document consolidates months of regulatory efforts, it leaves key questions unanswered, particularly around the future of federal crypto stockpiles.
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