Tax insight

Trump Administration sets forth its Digital Assets agenda

Insight
5 minute read
August 01, 2025

What happened?

President Trump issued Executive Order 14178 on January 23, 2025, which required the formation of a working group to recommend regulatory and legislative proposals that advance the Trump administration’s digital asset priorities. The Working Group released their recommendations on July 30, 2025, as outlined in the Strengthening American Leadership in Digital Financial Technology report.

Why it matters?

The rapid evolution of digital assets—including cryptocurrencies, stablecoins, and non-fungible tokens (NFTs)—has presented significant challenges and opportunities for the US tax and regulatory landscape. The US Treasury, IRS, and Congress have been actively working to clarify, update, and legislate the treatment of digital assets to promote innovation while ensuring compliance and effective tax administration.

What’s next?

The US digital asset tax and regulatory framework is in a period of significant transition. While foundational guidance treats digital assets as property, many substantive and reporting issues remain unresolved. Ongoing legislative and regulatory efforts aim to clarify the classification, reporting, and taxation of digital assets, stablecoins, and related transactions, with the dual goals of fostering innovation and ensuring tax compliance. Taxpayers should engage with relevant stakeholders to ensure the US continues to adapt its tax system to the realities of digital finance.