WASHINGTON–The President’s Working Group on Digital Asset Markets has released a report in which it offers recommendations for how digital assets should be regulated.
The release of the report follows an Executive Order issued by President Trump in January in which the White House directed the working group to assemble the report and to provide it to the assistant to the president on national economic policy for use in forming legislative and regulatory proposals relative to policies on digital assets.
The Recommendations
The new report recommends that federal regulators:
- Clarify permissible financial institution activities for custody, tokenization, stablecoin issuance, and the use of blockchain
- Promote transparency regarding the process for institutions to obtain charters or Reserve Bank master accounts
- Ensure that capital rules are aligned with the actual risks associated with digital assets.
NCUA Action Urged
As the CU Daily reported earlier, in the wake of passage of the GENIUS Act, America’s Credit Unions has been calling on NCUA to begin rulemakings to affirm custodial authority for credit unions.
The trade group said it has concerns about financial stability risks associated with uninsured special purpose institutions obtaining master accounts and has encouraged the Federal Reserve to carefully evaluate the business plans and prudential oversight of entities that may be eligible for access.
