After months of anticipation, the Donald Trump administration finally dropped its comprehensive report on digital asset markets. The headline? Sweeping reform proposals, strong pro-crypto language, and calls for regulatory clarity. But one major detail is conspicuously missing: any mention of the long-promised national Bitcoin reserve.

This absence is surprising, especially after Donald Trump’s executive order in March that formally called for a Strategic Bitcoin Reserve and a separate digital asset stockpile. Many expected this report to outline how that plan would unfold. Instead, the administration focused on regulatory overhaul, stablecoin integration, and clearing a path for new financial products.

What the Report Actually Covers?

According to Bloomberg, the crypto policy report is the product of the Working Group on Digital Asset Markets, created by Trump’s January executive order. It lays out policy recommendations across nearly every aspect of crypto markets—from trading and custody to banking access and taxation.

Top of the list is a push for Congress to pass the Digital Asset Market Clarity Act. The aim is to hand the Commodity Futures Trading Commission authority over spot markets for non-security digital assets. This would fill a long-standing regulatory gap between the CFTC and the SEC and streamline oversight.

The report also calls for both agencies to use their existing powers immediately. No more waiting. The SEC and CFTC are urged to clarify rules around registration, custody, trading, and recordkeeping to accelerate the legal entry of digital assets into the broader financial system.

Fast-Tracking Innovation Without Bureaucracy

Another major theme is reducing the friction that crypto startups and institutions face. The working group recommends safe harbors and regulatory sandboxes to let financial products reach consumers without being buried in red tape. The tone is clear: innovation should not be stalled by outdated processes.

The group also touches on decentralized finance, or DeFi. While specifics are limited, the report supports embracing these technologies through measured regulatory guardrails, not blanket bans.

A Green Light for Stablecoins, a Red Light for CBDCs

The Trump administration has clearly drawn its line in the sand. The report supports the use of US dollar-backed stablecoins, calling them strategic tools that reinforce the global position of the US dollar. In fact, Trump recently signed the first congressional bill to regulate stablecoins, which the industry views as a massive step toward mainstream adoption.

On the other hand, the administration stands firmly against the idea of a US central bank digital currency. The report backs an Anti-CBDC Surveillance State Act aimed at permanently blocking CBDCs in the United States.

Banking and Tax Policy: Fixes Are Coming

Banking remains a major hurdle for crypto firms. The report demands more transparency in how institutions can obtain bank charters and access master accounts. It also pushes regulators to spell out what bank activities are permissible when it comes to stablecoins and blockchain use. Capital rules, the report notes, need to reflect the unique risks of digital assets, not treat them like traditional loans or securities.

On the tax front, the recommendations are sweeping. The working group wants digital assets to be treated as a new class under tax law, with modified rules that mirror those used for securities or commodities. It also calls for new legislation that would apply wash sale rules to crypto, eliminating tax loss harvesting loopholes that traditional securities cannot exploit.

The Treasury and IRS are also urged to issue updated guidance on crypto-related issues, including staking, mining, corporate taxation, and de minimis rules for small crypto payments.

Where’s the Bitcoin Reserve?

This is the part that raises eyebrows. Trump had made it clear back in March that the US would establish a Strategic Bitcoin Reserve. That executive order didn’t just float the idea—it formalized it. Many insiders expected this report to include timelines, acquisition methods, or at least strategic goals.

Yet the reserve is nowhere to be found in the fact sheet or policy overview. That silence is loud, and it’s bound to trigger speculation across the market. Is the plan delayed? Is it tied to other pending legislation or budget cycles? Or is the administration holding back details for a more dramatic reveal?

Prediction: The Bitcoin Reserve Is Still in Play

This report is not the end. It’s a playbook for where US digital asset policy is headed, and it’s heavily tilted toward pro-growth, pro-innovation strategies. But the missing Bitcoin reserve reference suggests it may be spun off into a separate process—possibly something more classified, or strategically timed closer to budget announcements or international negotiations.

One thing is clear. With Trump now fully leaning into crypto, regulatory certainty is finally on the table. Stablecoins are getting legal infrastructure. Tax rules are being modernized. DeFi is being cautiously welcomed. And while the Bitcoin reserve is absent for now, the broader framework signals a tectonic shift in how the US plans to lead the global crypto race.

The Golden Age of Crypto may be coming—but it’s not arriving with a Bitcoin reserve… yet.