Odaily Planet Daily reported that the White House officially released a digital asset regulatory framework, which is known as the "regulatory bible" in the industry. It covers 11 key points, including stablecoins, Bitcoin strategic reserves, bank participation paths, taxation and market structure. The summary is as follows:

1. Stablecoins are clearly defined: US-licensed payment stablecoins are defined as non-securities and non-commodities. Issuers are not subject to "investment company" rules and are not allowed to bear interest.

2. Inclusion in the BSA regulatory system: Stablecoin issuers are formally included in the “financial institutions” under the Bank Secrecy Act, and overseas entities are also required to cooperate with US freeze/confiscation orders to combat illegal uses.

3. Reserve mechanism and cross-border mutual recognition: Stablecoins must be fully backed by highly liquid assets. Compliant national frameworks can enjoy mutual recognition and support cross-border circulation.

4. Prohibition on the promotion of CBDC: Executive Order EO 14178 explicitly prohibits the promotion of central bank digital currency (CBDC) and supports the Anti-CBDC Surveillance State Act.

5. Bank regulatory path restarted: SAB 121 was revoked, the FDIC canceled prior notification, the OCC reiterated that banks can conduct custody, payment and stablecoin businesses, and the 2023 "Prudence Statement" was also abolished.

6. Optimizing the license and master account approval mechanism: It is recommended to set a clear approval time limit, and overdue approval will be deemed as approval. It is also prohibited to refuse the issuance of a master account due to involvement in crypto business.

7. Market structure reform: Encourage the SEC/CFTC to establish a joint classification and innovation sandbox mechanism, support customized registration, safe harbors and federal preemption, and reduce multi-state duplication of licensing.

8. Futures regulation falls under the CFTC: Bitcoin and Ethereum futures are clearly under the jurisdiction of the CFTC, as are most DePIN tokens, unless they are converted into securities.

9. Tax rationalization: It is recommended that non-custodial and decentralized protocols be excluded from 6045 reporting obligations to avoid excessive taxation of technology-related projects.

10. Strengthening the competitiveness of the US dollar in international payments: The report emphasizes that the private sector's promotion of tokenization can enhance the efficiency of financial markets and cross-border payments. Failure to take proactive measures will weaken the global status of the US dollar.

11. Establishment of a strategic Bitcoin reserve: EO 14233 establishes a strategic Bitcoin reserve mechanism, which will be managed by the Ministry of Finance and primarily sourced from assets confiscated through law enforcement. In principle, the reserve coins will not be sold.