Trump's Cryptocurrency Report Just Released: But Where Are the Bitcoin Reserves?

The White House has just released one of the most anticipated cryptocurrency policy reports in years—and while the report provides comprehensive recommendations and regulatory clarity, it is precisely what is missing that has the entire industry buzzing. Despite President Trump's previous executive order to establish the Strategic Bitcoin Reserve Fund, the new report does not address this issue at all. Instead, the report focuses on promoting innovation, empowering the Commodity Futures Trading Commission (CFTC), and taking a tough stance on central bank digital currencies. For a report expected to shape the future of cryptocurrency in the United States, this omission is both puzzling and revealing. Below are the actual contents addressed, the contents not addressed, and why all of this matters. Major Revelation, Subtract Bitcoin Reserve After months of anticipation, the Trump administration has finally released a comprehensive report on the digital asset market. The headline? Extensive reform proposals, strong pro-cryptocurrency language, and a call for regulatory clarity. But one important detail has been notably overlooked: the long-promised national Bitcoin reserve is not mentioned at all. This absence is quite surprising, especially after Donald Trump's executive order in March, officially calling for the establishment of a Strategic Bitcoin Reserve Fund and a separate digital asset reserve. Many hoped this report would outline how that plan would unfold. Instead, the administration is focusing on regulatory reform, integrating stablecoins, and paving the way for new financial products. What Does the Actual Report Include? According to Bloomberg, the cryptocurrency policy report is the product of the Digital Asset Market Working Group, established under an executive order by Trump in January. The report provides policy recommendations on almost every aspect of the cryptocurrency market, from trading and custody to banking access and taxation. At the top of the list is the push for Congress to pass the Digital Asset Market Transparency Act. The goal is to grant the Commodity Futures Trading Commission the authority to regulate the spot market for non-security digital assets. This will fill the long-standing legal gap between the CFTC and the SEC, while also streamlining oversight. The report also calls on both agencies to immediately use their existing powers. There is no need to wait any longer. The SEC and CFTC are encouraged to clarify regulations regarding registration, custody, trading, and record-keeping to expedite the legal integration of digital assets into the broader financial system. Accelerate Innovation Without Bureaucracy Another important topic is minimizing the barriers that startups and cryptocurrency organizations face. The working group recommends safe harbors and experimental legal frameworks so that financial products can reach consumers without being bogged down by cumbersome administrative procedures. The viewpoint is very clear: innovation should not be hindered by outdated processes. The research group also mentioned decentralized finance, or DeFi. Although the details are limited, the report supports the adoption of these technologies through strict regulatory measures, rather than a complete ban. Green light for Stablecoin, red light for CBDC The Trump administration has drawn its line. Reports support the use of stablecoins pegged to the US dollar, calling them strategic tools that reinforce the global position of the US dollar. In fact, Trump recently signed the first congressional bill to regulate stablecoins, which the industry sees as a major step towards widespread adoption. On the other hand, the government firmly opposes the idea of a central bank digital currency in the United States. The report supports the State Anti-CBDC Supervision Act aimed at permanently preventing CBDC in the United States. Banking and Tax Policy: There Will Be Amendments Banks remain a major barrier for cryptocurrency companies. The report calls for greater transparency regarding how organizations can apply for banking licenses and access main accounts. The report also urges regulators to clearly define which banking activities are allowed in relation to stablecoins and the use of blockchain. The report notes that capital rules need to reflect the specific risks of digital assets, rather than treating them like traditional loans or securities. In terms of taxation, the recommendations are very comprehensive. The working group wants digital assets to be considered a new category under tax law, with rules amended similarly to those applied to securities or commodities. The group also calls for the enactment of new laws applying the (wash sale) rules to cryptocurrencies, closing loopholes that allow profit from tax loss harvesting that traditional securities cannot exploit. The Ministry of Finance and the Tax Department are also encouraged to issue updated guidelines on issues related to cryptocurrency, including staking, mining, corporate tax, and minimum rules for small cryptocurrency payments. Where is Bitcoin Reserve? This is the attention-grabbing part. Back in March, Trump clearly stated that the United States would establish a Strategic Bitcoin Reserve Fund. That executive order was not just a mere proposal but also formalized it. Many insiders expect this report to include timelines, methods of acquisition, or at least strategic targets. However, there is no sign of any reserves in the information table or policy overview. That silence is very loud, and it will certainly cause speculation throughout the market. Is the plan delayed? Is it related to pending laws or budget cycles? Or is the administration withholding details to make a more impressive announcement? Prediction: Bitcoin Reserve is Still Valid This report is not the end. It is a guide for the direction of U.S. digital asset policy, and it leans heavily towards strategies that promote growth and innovation. However, the lack of reference information regarding Bitcoin reserves suggests that it could be separated into a distinct process - possibly a process that is more tightly classified, or strategically planned closer to budget announcements or international negotiations. One thing is clear: With Trump now fully leaning towards cryptocurrency, regulatory certainty is finally being put on the table. Stablecoins have a legal infrastructure. Tax rules are being modernized. DeFi is being cautiously welcomed. And although Bitcoin reserves have not yet appeared, the broader framework signals a significant shift in how the United States intends to lead the global cryptocurrency race.