A top U.S. official posting on social media, “Crypto, welcome home,” would likely not have been on the digital asset industry’s bingo card just a mere year or so ago. But that’s what Treasury Secretary Scott Bessent posted after the White House released a first-of-its-kind crypto report.
On Wednesday, the White House released an awaited 168-page report outlining recommendations for how crypto should be regulated, including language around banking, a crypto stockpile, stablecoins, taxes, and illicit finance.
In delivered remarks on Wednesday, Bessent called the previous Biden administration’s approach to crypto “hostile,” and said the Trump administration would welcome crypto innovation in the U.S.
“So start your companies here,” Bessent said. “Launch your protocols here. And hire your workers here. You’ll be glad you did.”
Many in the crypto industry expressed enthusiasm for the report.
“We commend this Administration, the Presidential Working Group, and all the agencies involved for producing a comprehensive, forward-looking report regarding digital assets,” said Ji Hun Kim, CEO of the Crypto Council for Innovation, in a statement. “It reflects a serious commitment of U.S. leadership in the digital asset space and the continued adoption of blockchain technology.”
Others pointed to previous work done in Congress, including getting into law the GENIUS Act, which regulates stablecoins at the federal level, and advancements on a bill to create a larger regulatory framework for crypto.
“This moment is a reminder that groundbreaking legislation like GENIUS becomes law because of advocates who demand progress and the work ahead to establish strong market structure rules,” said Mason Lynaugh, Stand With Crypto community director. “Now, not only do we have a voice in the national conversation, but we also have momentum on our side. Let’s keep going.”
Roshan Robert, CEO of OKX US, said the report shows that the U.S. is “stepping up to lead.”
“From Ethereum-based treasuries to compliant stablecoins and regulated exchanges, Washington is signaling a shift toward real-world utility over ideology,” Robert said in a statement.
Agencies’ roles
The report also noted that the Securities and Exchange Commission would be the “primary federal regulator of secondary digital asset markets.” And on Thursday, SEC Chair Paul Atkins began taking steps to build off the report by debuting the agency’s “Project Crypto.”
Atkins said he directed fellow SEC Commissioner Hester Peirce and her task force to create proposals going off of the President Working Group’s recommendations. He also said agency staff will be working on drafting rules around crypto distributions, custody, and trading, and that those would go through public notice and comment.
Nic Puckrin, crypto analyst, investor, and founder of Coin Bureau, said Atkin’s speech was “far more bullish than anyone expected.”
“The biggest headline is that most tokens are not considered securities, which is a huge shift from the SEC’s previous stance that nearly everything was a security,” Puckrin said in a statement.
Atkins also said he directed staff to refresh the regulators’ rules for onchain software systems and DeFi and said they would not be “drowned out by duplicative or unnecessary regulation.”
“At DeFi Education Fund, we sincerely appreciate his acknowledgment of the American right to self-custody, his commitment to designing regulation that protects and encourages software developers, and his understanding that regulating DeFi requires a nuanced approach,” said Amanda Tuminelli, executive director of the DeFi Education Fund.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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