US Presidential Working Group Releases Digital Asset Report as SEC, CFTC Advance Regulation Under GENIUS Act with Bank of America Involvement

The U.S. government has taken coordinated steps to establish a comprehensive regulatory framework for digital assets, highlighted by the release of a 160-page policy report from the Presidential Working Group on Digital Asset Markets, led by U.S. Crypto and AI tsar David Sacks. The report emphasizes the need for regulatory clarity and structured pathways to foster innovation in the digital asset sector. Concurrently, the Securities and Exchange Commission (SEC) Chair stated that most crypto assets do not qualify as securities, while the Commodity Futures Trading Commission (CFTC) is advancing efforts to regulate spot markets. These developments align with the enactment of the GENIUS Act, which introduces the first-ever U.S. legal provisions for stablecoins. Financial institutions, including Bank of America and Fiserv, are preparing to launch their own dollar-backed crypto tokens under this new law. However, industry experts caution that regulatory challenges and uncertainties remain, potentially complicating the rollout and adoption of stablecoins despite the clearer legal framework. Overall, the initiatives by the SEC, CFTC, and the White House signal a strategic federal approach aimed at balancing innovation with regulatory oversight in the evolving digital asset market.