The White House's first digital asset policy report is about to be released: the industry faces both expectations and challenges.

On July 30, an important document that has attracted significant attention from the crypto industry is about to be released—the White House's first digital asset policy report. This not only marks the government's first systematic articulation of its regulatory stance on cryptocurrencies but is also expected to become a guiding document for the industry's development in the coming years.

In the context of multiple legislative developments and regulatory games, the influence of this report may surpass regulation itself and become an important milestone in the development of the industry.

From Executive Orders to Top-Level Design

In January of this year, the President signed Executive Order 14178, establishing the "Presidential Digital Asset Working Group" led by the Secretary of the Treasury. This group brings together key figures from regulatory agencies to comprehensively assess the development trends of digital assets and propose policy recommendations.

After 180 days of preparation, this heavyweight report is finally about to be released. Relevant officials from the White House have confirmed on social media that it will be officially announced on July 30, emphasizing the United States' leading position in global digital asset policy-making.

The timing of the report's release coincides with breakthroughs in several key legislations, reflecting the government's determination to advance digital asset governance through both administrative and legislative means.

Industry Focus: Regulatory Clarity

After years of regulatory ambiguity, the industry's most urgent expectation for this report is that it can provide clear policy guidance and regulatory boundaries.

The CEO of the US Digital Chamber stated that this will be "the guiding document for all relevant regulations and guidelines for the next three and a half years."

According to the existing information, the report is expected to focus on four main areas:

1. Stablecoin regulatory framework: Involves the issuance conditions, reserve mechanisms, and audit transparency of dollar-pegged stablecoins.

2. Bank Access and Cooperation Mechanism: Discuss the integration path between cryptocurrency enterprises and traditional financial systems, while emphasizing risk isolation.

3. National Security Perspective: Focus on the potential issues of digital assets in cross-border transactions, sanctions evasion, and money laundering risks, emphasizing the construction of compliance technology.

4. Technical neutrality and regulatory boundaries: The principle of "function-based rather than technology-based regulation" may be adopted to clarify the responsibilities of various regulatory agencies and address the challenges of multiple management.

Insiders point out that if the bottom line and space for industry development can be clarified, it will greatly enhance market confidence.

The Mystery of Government Cryptocurrency Holdings

Besides the regulatory blueprint, another highly anticipated aspect of the report is the official disclosure of the U.S. government's holdings of digital assets.

For a long time, there has been a claim online that the U.S. government holds the most Bitcoin in the world. A data platform once estimated that the government's holdings were approximately 198,000 BTC, far exceeding those of other countries.

However, recent data obtained through the Freedom of Information Act shows that the relevant departments only hold 28,988 bitcoins. This significant discrepancy has raised market questions about the whereabouts of "nearly 170,000 bitcoins."

A more neutral interpretation suggests that official data may only reflect a portion of liquid assets and does not include those that are frozen, used for compensation, or held by other entities.

In any case, this means that the actual amount of Bitcoin available for "national strategic reserves" may be far lower than what the outside world imagines. The community has shown a strong desire for information and is looking forward to a clear explanation from the authorities.

Industry Response: Moving Towards Mainstream Adoption

The industry generally holds a positive attitude towards the upcoming report. Several industry insiders believe that this marks the substantial implementation stage of the cryptocurrency executive order and is an important step for the government to fulfill its commitments to the industry.

Some analysis suggests that the current period is a critical time for the cryptocurrency industry, transitioning from "experimenting" to "acceptance and adoption," comparable to the "ChatGPT moment of the crypto world."

With regulatory expectations becoming clearer and institutional entry accelerating, the price of Bitcoin has recently rebounded strongly, once breaking through the $120,000 mark. As of the time of writing, it remains stable above $117,000, with a total market capitalization reaching $3.85 trillion.

This report is not only a systematic presentation of government crypto policies but also represents an important milestone in the global crypto market. How will it seek a balance between encouraging innovation and preventing risks? Can it address the trust gap regarding strategic holdings? These answers are about to be revealed and are worth the market's continued attention.