On July 30, 2025, the White House released its first major policy roadmap from the President’s Working Group (PWG) on Digital Asset Markets, mandated by Executive Order 14178. Following recent legislative initiatives, such as the market structure bill and the GENIUS Act, this report marks another significant milestone in the administration’s evolving approach to integrating digital assets into the traditional financial system.

The report focuses on establishing clear regulatory oversight, safer use of digital assets by institutions, and modernized Anti-Money Laundering/Countering The Financing Of Terrorism (AML/CFT) rules for the sector, aimed at positioning the U.S. as a global leader in crypto.

It’s not just another signal, but definitive proof that crypto has moved beyond the question of “if” to “how.” Crypto is firmly established as part of our financial future, and public–private collaboration will be key to getting it right. The report calls for coordination between agencies, financial institutions, platforms, and the companies building the infrastructure to make crypto safe, transparent, and compliant.

In this post, we break down what the PWG’s recommendations mean for the future of digital assets and why blockchain intelligence will be essential to putting these ideas into action. From market oversight and banking access, to AML enforcement and national security, here’s a glimpse into the road ahead.

Market structure and regulatory clarity
What is in the report?
The report recommends that Congress establish a clear framework for digital asset market structure: setting a definitive taxonomy of tokens; outlining clear jurisdiction between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC); supporting implementation of the CLARITY Act; and recommending the necessity of reporting, disclosure, and cybersecurity requirements for market intermediaries.
What does it say about public–private collaboration?
The report acknowledges global standards and frameworks, and the importance of engaging in discussions around these. The report also recommends close coordination between agencies and private entities to ensure the effective implementation of new rules, especially in fast-moving areas like decentralized finance (DeFi) and asset tokenization.


Banking access, custody, and tokenization

What is in the report?
There are a few things outlined here:
Enabling banks to undertake crypto activities through clarity over regulatory permissibility and supervisory expectations.
Facilitating digital asset firms seeking banking charters and Fed master accounts through greater process transparency.
Ensuring that bank capital rules for their digital asset exposures are not unduly punitive.
What does it say about public–private collaboration?
It urges Treasury and banking regulators to issue joint, principles-based guidance on risk management in coordination with industry stakeholders.


What is in the report?
The report highlights stablecoins as “one of the most promising DLT solutions” and a “groundbreaking payment technology” — and points to the GENIUS Act as the clearest path to safe, mainstream adoption. With the potential to lower costs for businesses and consumers while reinforcing U.S. leadership in global finance, the recommendation is clear: move fast on the GENIUS Act, establish fit-for-purpose AML/CFT rules for issuers, and double down on the administration’s stance against a U.S. central bank digital currency (CBDC).

What does it say about public–private collaboration?
The report recognizes that, in order to effectively incorporate stablecoins into mainstream finance and enhance domestic and cross-border payments, U.S. agencies need to work with the private sector. Without this collaboration, alternative payment arrangements may emerge that pose risks to U.S. economic and national security. Therefore, getting the approach to stablecoins right is essential to reinforcing U.S. global financial leadership, including working with international standard setters to define emerging global practices.


AML/CFT and illicit finance

What is in the report?
The report recommends modernizing AML/CFT and sanctions regulations by clearly defining BSA obligations for digital asset entities and tailoring requirements to different business models. Key focuses include creating frameworks for stablecoin issuers to address high-risk activities and handle asset freezing, clarifying AML obligations for DeFi protocols, and establishing criteria for truly decentralized systems. The report also emphasizes enhancing supervisory capabilities through improved compliance tools, training, and resources, while updating OFAC guidance to help all ecosystem participants understand their sanctions obligations.
What does it say about public–private collaboration?
It emphasizes the importance of private sector input to make sure AML rules are effective without stifling innovation, especially in decentralized contexts, as well as supporting information sharing on potential risks and threats wherever possible. Additionally, firms are expected to leverage technologies like blockchain analytics and AI-based identity verification, which are essential in detecting illicit activity and bridging regulatory gaps while preserving lawful innovation.


Tax Compliance

What is in the report?
It proposes IRS guidance on staking, mining, wrapping, and de minimis exemptions, along with strengthened third-party reporting.
What does it say about public–private collaboration?
The IRS is directed to work with industry and tax advisors to ensure practical and enforceable rules.