On July 30, 2025, the President’s Working Group on Digital Assets released its report entitled “Strengthening American Leadership in Digital Financial Technology.” The report champions American innovation in crypto, and “endorses the notion that digital assets and blockchain technologies can revolutionize not just America’s financial system, but systems of ownership and governance economy-wide.”

The report lays the framework for a comprehensive, government-wide approach to regulatory reform in the sector. Produced with input from key federal agencies, the report lays out a series of core recommendations for a “new American Golden Age”:

• American citizens and businesses should be able to own digital assets and use blockchain technologies for lawful purposes without fear of prosecution. Likewise, American entrepreneurs and software developers should have the liberty, and regulatory certainty, to upgrade all sectors of our economy using these technologies.
• Policymakers and market regulators should lay the groundwork for American digital asset markets to become the deepest and most liquid in the world.
• Banking regulators should never again pursue Operation Choke Point 2.0 and should instead embrace the opportunities digital assets and blockchain technologies offer to banks nationwide.
• U.S. dollar-backed stablecoins represent the next wave of innovation in payments, and policymakers should encourage their adoption to advance U.S. dollar dominance in the digital age.
• U.S. law enforcement agencies should have the tools and authorities to hold those who use digital assets for illegal activities accountable. These tools should never be misused to target the lawful activities of law-abiding citizens.
• Federal tax policy should recognize the unique characteristics of digital assets and address longstanding requests for guidance from investors and entrepreneurs.

Running over 160 pages, the report opens with a detailed glossary and lengthy background materials on the digital asset ecosystem. It then includes a series of detailed discussions around the following topics:  digital asset market structure, banking and digital assets, stablecoins and payments, countering illicit finance, and taxation. The report considers both the current and future states of digital financial technology and regulation, and concludes with dozens of recommendations for Congress, Treasury, Commerce, IRS, the federal banking regulators, the SEC and the CFTC. The report advocates for a mixture of legislation, agency action through rulemaking and exemptive orders, and the issuance of agency interpretive guidance. It also urges agencies to act in coordination.

Many of the report’s key recommendations fall on the SEC. SEC Chairman Paul Atkins’s July 30 statement in support of the recommendations is here. On July 31, Chairman Atkins also announced a bold plan to begin implementing the report’s recommendations for the SEC, which he christened Project Crypto. “The days of convoluted offshore corporate structures, decentralization theater, and confusion over security status, are over,” Atkins proclaimed.