Author: RWA Working Group 1. Background and achievements of the White House Digital Assets Summit

1. Global digital asset development trends and US strategic response

In recent years, the global digital asset market has developed rapidly, and countries have explored regulatory innovation and strategic reserve construction. Against this background, the United States held the first White House Digital Assets Summit, reflecting the importance the United States attaches to digital assets, including the application of blockchain technology, digital asset supervision, strategic Bitcoin reserves and other issues. 2. Summit Results: Strategic Bitcoin Reserves and Regulatory Turnover

This White House Digital Assets Summit attracted heavyweights from regulators, Congress, industry leaders and investment circles, marking a major change in the United States' attitude towards the cryptocurrency industry. After the summit, the OCC quickly revoked a joint statement issued earlier, which effectively warned banks not to participate in cryptocurrency activities, a move that marked a significant loosening of the regulatory environment.

2.1 The most important achievement of the summit is the decision to establish the US strategic Bitcoin reserve, which includes:

•Create a strategic Bitcoin reserve and formally establish Bitcoin as a US reserve asset

•Author the Secretary of the Treasury and Commerce to formulate strategies that do not affect the budget to obtain more Bitcoin, provided that the burden on US taxpayers does not increase.

•Specify that the United States will not sell Bitcoin deposited in the strategic Bitcoin reserve and maintain it as a long-term reserve asset

• left;">•The initial capital source of strategic Bitcoin reserves is Bitcoin confiscated by the Ministry of Finance in the criminal or civil asset confiscation process

•Other institutions will evaluate their legal powers to transfer any Bitcoin owned by the institution to the strategic Bitcoin reserve

2.2 At the same time, the summit also facilitated the establishment of digital asset reserves in the US:

•Composition of digital assets other than Bitcoins owned by the Ministry of Finance in the criminal or civil asset confiscated process

• The Secretary of the Treasury can decide on responsible management strategies, including the possibility of selling assets from the U.S. digital asset library

•In addition to assets acquired through the confiscation process, no other assets will be acquired for the U.S. digital asset library

•Institutions must provide the Secretary of the Treasury and the President’s Digital Asset Market Working Group with a complete account of their digital asset holdings

These measures together ensure the United States’ strategic management approach to digital assets, marking an important strategic layout of the United States in the global competition for digital assets.

3. Trump has recently relaxed the regulation

In addition to the White House summit, Trump has also recently taken a series of measures that are friendly to the cryptocurrency industry. Trump has withdrawn investigations and lawsuits against crypto businesses in recent weeks, significantly improving the industry's legal environment. Meanwhile, the Senate voted to remove a Biden-era rule that required some crypto businesses to report information to the IRS, reducing the industry's compliance burden. These adjustments echo the White House summit and together constitute a comprehensive change in the United States' attitude towards the cryptocurrency industry and create a more favorable environment for the development of the industry. The dual approach of regulatory loosening and strategic reserve construction reflects the United States' long-term strategic considerations and adjustment directions in the field of digital assets.

2. Senior participation and agenda setting The summit was hosted by US President Trump, and attended by decision makers and senior representatives in the industry. Specific agenda settings and key discussions include:

1. Signal and regulatory adjustment

•IRS plans to revoke and modify previous tax guidance on Bitcoin and other cryptocurrencies to reduce tax uncertainty;

•OCC reiterates the legal custody of crypto assets and stablecoin reserves in the banking system, and uses blockchain technology to promote payment business, further promoting the deep integration of the banking industry and the crypto industry;

•Trump is starting to abolish restrictive bank regulation, including "Chokepoint 2.0". , lift the blockade of crypto companies and provide more relaxed conditions for industry development.

2. Strategic reserves and legislative promotion

•The summit revealed that the United States will formally establish strategic Bitcoin reserves and digital asset reserves in the near future to establish its leadership in the global digital asset strategy;

•Trump clearly expressed his hope that Congress will pass stablecoin legislation before the recession in August to accelerate the promotion of stablecoin compliance and pave the way for its application in the global payment and financial system.

3. Industry development and market expectations

•The "crypto revival" plan was proposed at the meeting, aiming to unlock the industry's growth potential;

•Some companies (such as Coinbase, one of the largest cryptocurrency exchanges in the United States) took advantage of the opportunity of clear supervision to expand their enrollment in the United States, indicating that a clear regulatory framework will help promote corporate investment and industry expansion;

•Industry representatives also discussed issues such as market transparency, technological innovation and ethics, and promoted a closer dialogue mechanism with the industry.

3. Main content and key points of the meeting

1. Strategic Bitcoin Reserve Plan

• Reserve scale and management mechanism: Continue to maintain the previously rumored 200,000 Bitcoin reserve plan, and propose cross-departmental supervision and management ideas;

• Significance: The United States will use this to increase its voice in the global digital asset competition and enhance financial strategic autonomy through new reserve forms.

2. Adjustment of stablecoins and bank regulation

•Stablecoin legislation promotion: Trump requires Congress to issue relevant stablecoins regulations as soon as possible to create conditions for the application of stablecoins in payment systems and financial products;

•Bank Supervision and Custody: OCC supports the legitimacy of banks in custody of crypto assets and stablecoin reserves, and is expected to abolish the restrictions on banks' involvement in crypto business, opening the door to the deep integration of banks and the crypto industry.

3. Taxation and compliance environment reformGood

•Tax guidance revision: The IRS plans to revoke or modify previous tax guidance for digital assets to reduce tax uncertainty in the market;

•Industry confidence enhances: A clear and transparent regulatory framework will help inspire companies to invest in the United States and further promote the development of the entire cryptocurrency market.

4. Industry voice and market expectations

• Positive feedback from the industry: including Coinbase, Lightspark (two important companies in the cryptocurrency industry) and other major representatives expressed support and optimistic about the development opportunities brought by the future brightening of supervision;

•Equally focused on regulation and innovation: and industry representatives also discussed issues such as industry innovation, technology applications and market ethical norms at the meeting, aiming to promote the healthy development of the industry through the crypto revitalization plan.

4. "Strike the First" strategy and international response

1. Declaration and actual implementation

This summit reflects the characteristics of the United States' "Strike the First" strategy. Even though specific measures and implementation details have not been fully introduced, the declaration itself has attracted widespread attention from the market and the industry.

• Through high-standard meetings, the signal of adjusting supervision and releasing dividends is sent;

•The market still has doubts about specific details, but it is generally expected that reform can reduce institutional obstacles and inject more vitality into the industry.

2. Response and trends of the international community

•International Observation: The international community is actively paying attention to the adjustment of the United States. Some and regions have begun to re-examine the existing digital asset supervision, which may trigger profound adjustments to the international financial landscape;

•Russian trends: Russian President Putin proposed the idea of ​​using Bitcoin as a reserve asset in the central bank as early as 2022, and the struggle between the two countries in the field of digital assets has further become the focus of market discussion.

5. Follow-up planning and comprehensive evaluation

1. Follow-up

The United States will successively introduce supporting facilities for digital asset classification, regulatory rules, cross-departmental coordination and international cooperation, which will become a critical period for supervision and implementation in the next few months.

•Develop detailed strategic Bitcoin reserves and digital asset reserve plans;

•Promote Congress to pass stablecoin-related legislation before recession.

2. Comprehensive evaluation

This summit not only demonstrated the major shift in the digital asset field of the United States, but also highlighted its in-depth connection with the industry in terms of regulation and strategic reserves. Overall:

•Global strategy and cross-departmental coordination: The United States tries to comprehensively promote digital asset supervision and application through multi-angle adjustments.

• Market confidence and investment opportunities: Clear adjustments and clear supervision are expected to significantly boost the confidence of enterprises and investors, and are expected to promote the sustainable development of the industry;

• International competition and regulatory cooperation: In the adjustment of the global financial landscape, changes in the United States will also cause deeper competition and cooperation in international supervision.