President Donald Trump’s crypto working group recently issued its comprehensive report along with U.S. policy recommendations. Two individuals involved in this initiative stated that decentralized finance (DeFi) protocols will thrive within the administration’s vision for the U.S. sector.
“Decentralized protocols can definitely meet the rules of the road,” said Bo Hines, the group’s executive director, which comprises regulators and senior administration officials. In a recent RialCenter TV interview, Hines and the Treasury Department’s Tyler Williams discussed key aspects of the lengthy report, especially regarding DeFi.
“We want people innovating and developing here in the U.S.,” Hines noted from the White House, emphasizing the need for developers to understand the existing regulations.
Hines mentioned that the administration is making significant efforts to provide that clarity, pointing to the Treasury’s decision to lift sanctions on Tornado Cash, demonstrating their recognition of the importance of immutable smart contracts in open-source code.
Williams highlighted the recently passed Digital Asset Market Clarity Act, which paves a way for compliance with the Bank Secrecy Act, as a crucial step for the industry. He indicated that this week’s report reviews progress already made by lawmakers.
The report was well-received by industry insiders as a progressive step in Trump’s ambitious crypto agenda, with Hines describing it as “probably the most comprehensive piece of work on digital assets ever produced.” He stressed that this should not be overlooked.
Most policy initiatives detailed in the report are familiar to the many crypto lobbyists in Washington, so there were no unexpected proposals.
“While many of the policy items might be recognizable, we added more detail regarding the actionable steps we wish to take,” Williams remarked.
However, the report lacked information on the next steps for the envisioned Bitcoin Strategic Reserve, which was mandated by Trump.
Hines, who has been asked about the reserve multiple times without significant updates, stated, “People will be very pleased with what we come up with.”
“There’s an infrastructure component to this as well, and Treasury is diligently working to ensure everything is properly set up for moving forward,” he added.
During the report’s launch at the White House, industry representatives were invited to participate. Cody Carbone, CEO of the Digital Chamber advocating for crypto policy in Washington, noted that around 40 attendees included senior administration officials such as Secretary of the Treasury Scott Bessent, crypto czar David Sacks, SEC Chairman Paul Atkins, and Attorney General Pam Bondi. Carbone shared that the officials expressed gratitude to the industry experts who contributed to this comprehensive report.
Read More: No U.S. Bitcoin Reserve Plans as White House Touts Crypto Report
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