The White House releases a significant encryption policy framework: a 160-page report outlines the roadmap for the United States as a "encryption hegemon," controversy surrounding the Trump family's business empire.

The Trump administration released a 160-page "White House Cryptocurrency Policy Framework" on July 31, systematically proposing a regulatory and legislative roadmap to make the United States a "global crypto capital." The report urges agencies like the SEC and CFTC to immediately clarify registration, custody, and trading rules, and calls on Congress to legislate in favor of DeFi technology and upgrade the AML system. However, the much-anticipated details of the "Federal Digital Asset Strategic Reserve" plan are absent. At the time of the report's release, the Trump family was deeply involved in the Bitcoin mining, stablecoin issuance, and crypto trading industries, raising concerns about conflicts of interest due to their $57 million in crypto income.

【The Most Comprehensive Policy Framework Ever Released, Aiming for Global Crypto Leadership】 The White House officially released a 160-page comprehensive report on Crypto Assets on Wednesday (July 31), which is the first detailed action framework established by the Trump administration to fulfill its promise of making the United States the "global crypto capital." The report was completed over several months by the Crypto Assets Special Working Group formed by Trump, which includes key officials such as the Secretary of the Treasury, Secretary of Commerce, and Attorney General. White House officials claimed in a telephone briefing that this is the "most comprehensive digital asset policy document in history," and its implementation will propel the United States to a leading position in the blockchain revolution and usher in the "crypto golden age." The policy summary document emphasizes: "By implementing these recommendations, decision-makers can ensure that the United States leads the blockchain revolution."

[Three Core Policy Directions: Regulatory Clarity, DeFi Legislation, AML Upgrade] The report提出了一系列建议 for building the cryptocurrency market and allocating federal regulatory responsibilities (involving agencies such as the SEC and CFTC):

1. Regulatory Authorities Take Urgent Action: Urging regulatory authorities to "immediately provide clear guidance for market participants", covering key aspects such as registration, custody, trading, and record-keeping, and demanding to "eliminate bureaucratic delays" to accelerate the emergence of innovative financial products.
2. Congress Promotes DeFi Legislation: Calls on Congress to enact laws to "embrace Decentralized Finance (DeFi) technology" and recognize its potential to integrate into the mainstream financial system.
3. Modern AML System: Requires regulatory agencies to collaborate with Congress to "upgrade AML rules" to curb illegal financial activities in the encryption network.

[Key Suspense: Absence of Details on the Federal Digital Asset Reserve Plan] Industry insiders originally expected the report to clarify the government's plan to establish a Bitcoin strategic reserve, but the full text did not mention it at all. White House officials only responded at the briefing that the construction of relevant infrastructure is "progressing smoothly," and detailed information will be "announced soon."

【Industry Response: Praise and Caution Coexist】 The crypto industry generally views this report as a key step in establishing the legitimacy of the digital asset market:

• James Butterfill, the research director at digital asset investment firm CoinShares, commented that the report is "ambitious and clear in its ideas" and is a "strong endorsement of digital assets", but its success depends on the "bipartisan legislative action, regulatory enforcement, and the balance between free innovation and financial security".

[Trump Family's Expansion in the Crypto Realm Raises Questions of Conflict of Interest] At the time of the report's release, the Trump family is deeply involved in the entire encryption industry chain, attracting attention:

• Business Layout: The Trump family is associated with or directly involved in the establishment of Bitcoin mining companies, Bitcoin reserve funds, meme coin projects, crypto trading applications, and stablecoins, building a full industry chain crypto empire.
• Financial Disclosure: Federal financial documents released in June show that Trump has profited $57.3 million from the family-affiliated crypto company World Liberty Financial (which issued its own stablecoin this spring).
• Personal Action: Trump issued his own "meme coin" in January and hosted a banquet for major holders; his company Trump Media, as the largest shareholder, holds about $2 billion in Bitcoin as an investment.
• Regulatory Arbitrage Concerns: Democrats and ethics watchdogs accuse Trump of potentially personal profit from his policies. Government oversight organization Accountable.US Executive Director Tony Carrk criticized: "Trump's crypto roadmap is, in fact, the latest move to remove investor protections to fill the pockets of himself and insiders... Essentially a wish list for the industry disguised as policy."
• White House Response: The White House denies any conflict of interest, stating that Trump's assets are held in a trust managed by his children, and he has no direct control.

Conclusion: The White House cryptocurrency framework report marks a strategic upgrade in the U.S. competition for global leadership in digital assets. Its regulatory clarity and legislative initiatives, if implemented, will profoundly reshape the industry ecosystem. However, the lack of details in the Federal Reserve's plans leaves policy uncertainties, and the Trump family's deep entanglement with the cryptocurrency industry further places the fairness of the policies under the public scrutiny. Whether the report can transform from an "industry wish list" to a practical bill under bipartisan consensus and properly address potential conflicts of interest will become the core challenge for the U.S. to achieve its vision of "crypto dominance." The global cryptocurrency market landscape may thus welcome significant changes.