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Senator Lummis backs Trump push for clearer U.S. crypto regulation
The United States is making a decisive move in shaping the future of digital asset regulation, as President Donald Trump's Working Group on Digital Assets has released a sweeping report outlining a new vision for the American crypto landscape. The comprehensive proposal spans regulatory oversight, taxation, banking services, and stablecoin policy, and has received strong support from Senator Cynthia Lummis (R-WY), a longtime crypto advocate and Chair of the Senate Subcommittee on Digital Assets.
The report recommends a clearer market structure for digital assets through a taxonomy that distinguishes between commodities and securities. The Commodity Futures Trading Commission (CFTC) would oversee spot crypto markets, while the Securities and Exchange Commission (SEC) would regulate tokens classified as securities. SEC Chair Paul Atkins described the plan as “a rational framework to protect investors and support innovation.”
Lummis’ role and banking reforms
Senator Lummis, who has been promoting many of these reforms since 2021, praised the initiative and expressed her willingness to work with the Trump administration. “I’m overjoyed we finally have a president who understands the transformative power of digital assets and distributed ledger technology to build America’s financial future,” she said. Lummis has championed legislation for crypto tax exemptions, simplified reporting for miners and stakers, and protections against discriminatory practices targeting crypto firms by federal regulators.
One of the most ambitious proposals in the report is the easing of banking restrictions for digital assets. The working group recommends providing banks with clearer guidance on crypto custody and calls for greater transparency in the bank chartering process. These measures aim to enhance access and legitimacy for digital assets within the traditional financial system.
Stablecoins, CBDCs, and taxation
The report dedicates special attention to stablecoins, emphasizing their role in maintaining the U.S. dollar’s global dominance. The group urged Congress to pass the CBDC Anti-Surveillance State Act, which would prohibit the development of a U.S. central bank digital currency (CBDC), while simultaneously supporting dollar-backed stablecoins like the recently signed GENIUS bill.
On the taxation front, the report recommends establishing a customized tax regime that accounts for the specific characteristics of digital assets. Proposals include updated rules for staking income, capital gains treatment, and a simplified tax process for small transactions.
With bipartisan momentum and increasing regulatory clarity, the U.S. appears poised to reclaim its role as a global leader in digital finance.
Read also: Crypto market slips as Fed keeps rates unchanged
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