White House Set to Unveil Digital Assets Report Today
Despite speculation, few details about the report’s contents have emerged
Welcome to the Wednesday edition of the Crypto In America newsletter!
What you’ll read: White House crypto report lands, questions swirl around the CFTC chair delay, and the Roman Storm trial heads into closing arguments.
One of the most anticipated pieces of crypto policy is set to drop later today, when the White House releases its long-awaited 180-day report on digital assets.
Senior administration officials are expected to attend a press event at the White House at 2:30PM EST, where they will discuss the recommendations outlined in the report.
The report stems from a January executive order by President Trump directing his President’s Working Group on Digital Asset Markets to strengthen U.S. leadership in digital financial technology.
What’s being released this afternoon is the product of six months of work by the group — led by White House Crypto and AI Czar David Sacks, Executive Director Bo Hines, and senior officials from Treasury, Commerce, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and other agencies.
Their mandate: to develop regulatory and legislative proposals that advance the Trump administration’s pro-crypto agenda.
Despite widespread industry speculation about what the report might contain, there have (perhaps surprisingly) been no leaks from any of the participating departments — or the White House — offering clues as to what’s inside.
While the details remain tightly held, the group’s original mandate included developing a federal framework for digital assets — particularly stablecoins, an effort Congress has already completed with the passage of the GENIUS Act — and exploring the feasibility of a national digital asset stockpile, which Trump formally established with an executive order in March.
Some industry participants have speculated the report could recommend ways to fund the proposed strategic Bitcoin reserve without burdening taxpayers — something the Treasury and Commerce secretaries were directed to explore as part of the executive order.
Many in the Bitcoin community are hopeful the report will provide further clues about how much Bitcoin the federal government currently holds, following the order’s directive for a full audit of crypto held by each agency. Still others hope the report will contain recommendations to ensure crypto firms receive fair access to banking services.
However, those hoping for major market-moving revelations may be disappointed. In a note to clients, Galaxy Digital — a contributor to the report — said that while the document is expected to be the most comprehensive and positive U.S. government statement on crypto to date, it likely won’t include any material announcements that would significantly impact markets.
CFTC Nominee Faces Scrutiny After Curiously Timed Blog Post
There’s growing speculation in DC about why the White House abruptly requested a delay in Monday’s vote to advance Brian Quintenz’s nomination for chair of the CFTC.
Some point to pressure from the American Gaming Association, the leading trade organization representing the U.S. casino industry, which sees Quintenz’s support for prediction markets as a potential threat to traditional gambling interests. Others cite unease from certain crypto industry players who fear he may not back their priorities.
But another theory centers on a blog post now circulating on the Hill and in crypto lobby circles. Published Saturday by a little known blog called The Closing Line, the post outlines what its author, Dustin Gouker — a gambling industry consultant, according to his LinkedIn — frames as potential conflicts of interest for Quintenz.
The post cites emails obtained through a FOIA request showing Quintenz’s slated chief of staff requesting access to confidential CFTC matters as part of a transition plan for Quintenz’s expected chairmanship.
Kalshi, a CFTC-regulated prediction market where Quintenz sits on the board (he has said he’ll step down if confirmed), is mentioned in the post alongside competitors like PredictIt and Polymarket — with the author raising questions about whether the outreach crossed any ethical lines.
Crypto In America has not been able to verify the authenticity of the FOIA emails and there’s no clear evidence the post led to the delay, but its timing — just 48 hours before the scheduled vote — has raised eyebrows among supporters of Quintenz.
Some are now asking what prompted the unusually targeted FOIA request behind the blog — and whether someone with inside knowledge of the emails may have tipped the author off.
“The CFTC controls when those documents get released, and it’s interesting it was immediately before the vote,” one industry source told Crypto In America.
The White House hasn’t explained the pause, but a spokesperson told Bloomberg on Monday that Quintenz remains President Trump’s nominee.
A White House official and Quintenz did not respond to Crypto In America’s request for comment.
Roman Storm Trial Expected to Wrap By Week’s End
Both the government and the defense in the case of Tornado Cash co-founder Roman Storm have rested.
The jury will hear closing arguments this morning and possibly begin deliberations later in the day, with a verdict expected before week’s end.
Over the past two weeks, prosecutors have portrayed Storm as a criminal who knowingly helped hackers, including North Korean cybercriminals, launder more than $1 billion through the Tornado Cash crypto mixer. During three days of testimony, Storm’s lawyers tried to counter that narrative, arguing he didn’t profit from illicit use, made efforts to deter bad actors, and genuinely believed in the value of privacy for Ethereum users. Storm himself did not take the stand.
Which version of the story resonates with the twelve jurors remains to be seen. If convicted, Storm faces up to 45 years in prison.
Midweek Update
ICYMI. Here are some of the biggest stories so far this week:
The Securities and Exchange Commission has approved rule changes allowing in-kind redemptions for Bitcoin and Ether ETFs, making the products less costly and more efficient, according to SEC Chairman Paul Atkins.
Samourai Wallet co-founders Keonne Rodriguez and William Lonergan Hill have notified a Southern District of New York court of their intention to plead guilty to charges arising from their roles in operating the crypto mixing protocol.
Senator Cynthia Lummis (R-WY) has introduced a mortgage reform bill to recognize digital assets during home loan applications.
Trading platform eToro has announced plans to launch tokenized US-listed stocks on the Ethereum blockchain.
PayPal says it will allow businesses to accept payments in more than 100 types of digital assets, including Bitcoin and Ethereum.
Crypto exchange Kraken is seeking to raise $500 million at a $15 billion valuation ahead of a potential IPO next year, according to a report from The Information.
The Consumer Financial Protection Bureau told a federal court Tuesday it will “substantially” revise its Dodd-Frank Section 1033 open banking rule, prompting the judge to pause a lawsuit from banking groups challenging the measure. The CFPB said it plans an “accelerated rulemaking process” and will issue a notice within three weeks to begin redrafting the rule.
Pro-crypto Democrat Wiley Nickel, former Congressman for North Carolina’s 13th District, has announced he will no longer pursue a run for the U.S. Senate and instead back former NC Governor Roy Cooper for the role instead.
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I think you mean EDT or ET, not EST.