The White House has released its cryptocurrency factsheet and roadmap, followed by a 160-page report authored by The Working Group. The report calls for the SEC to create new legislation to better aid the digital asset arena in the US. The report highlights President Trump’s ambition of turning the US into the “crypto capital of the world.”

White House Recommendations For The Cryptocurrency Sector

The report asks Congress to push for legislation that could create regulatory oversight for the crypto industry. The report, however, mentions that there should be additional provisions in the bill. Some of these provisions include allowing trading platforms to also custody crypto. The bill should also provide a tailored disclosure regime for issuers of cryptocurrency securities.

The White House report also asks the US SEC and CFTC to utilize their powers to immediately enable the trading of cryptocurrencies and digital assets at the federal level.

The report states, “By implementing these recommendations, policymakers can ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto.“

Also Read: US Govt. Has A Bitcoin Accumulation Plan: White House Official

The White House’s cryptocurrency report comes weeks after the US House of Representatives passed the GENIUS, Clarity, and Anti-CBDC Acts and Bills. It would appear President Donald Trump is keeping his end of the bargain regarding the crypto environment in the US.

Market Continues To Slump

Despite the White House revealing its roadmap, the crypto market continues its sideways momentum. Bitcoin (BTC) seems to be facing substantial resistance at the $118,000 level. Breaching through to $120,000 could trigger another market-wide bullish phase.

The cryptocurrency market’s slump could be due to the Federal Reserve keeping interest rates unchanged once again. The decision comes despite President Trump putting immense pressure on Federal Reserve Chair Jerome Powell. Higher interest rates are likely keeping retail players at bay.

The correction earlier this month was likely due to increased profit-taking after Bitcoin (BTC) climbed to a new all-time high of $122,838. After BTC’s climb, XRP and BNB also hit new all-time highs.