Trump Administration's 2025 Digital Asset Initiatives

Executive Actions

• Executive Order (Jan 23, 2025): Bans CBDCs, promotes U.S. digital asset leadership, mandates regulatory framework report by July 21, 2025.
• DOJ Policy Shift (Apr 9, 2025): Targets digital asset crimes (e.g., fraud) with proof of legal knowledge, proposes legislative changes.

Legislation

• GENIUS Act (Passed Senate, Jun 17, 2025): Establishes federal regulatory framework for stablecoins, mandates 1:1 asset reserves, consumer protections, and AML compliance. House Financial Services Committee approved (Jun 24, 2025), full House vote scheduled for Jul 1, 2025.
• STABLE Act: Bipartisan stablecoin regulation (licensing, reserves, AML), targeting August 2025 enactment.
• H.J.Res.25: Disapproves Biden-era DeFi broker rule, passed House, awaits Senate, aims for pro-crypto policy reset.

Policy Proposals

• Crypto ETFs & Stablecoins: Plans to accelerate ETF approvals, support stablecoin innovation.
• Tax Overhaul: Conceptual stage, aims to reduce capital gains taxes for digital assets. Draft proposal released (Jun 22, 2025) to reduce capital gains by 15% for holdings over one year, public comments open until Jul 15, 2025.

Crypto ETFs

• Bitcoin ETF (Jan 2025): Live, traded by BlackRock, Fidelity, Grayscale; boosts mainstream adoption.
• Ethereum ETF (Mar 2025): Live, traded by Bitwise, VanEck, ARK 21Shares; increases liquidity.
• Litecoin ETF (Filed Apr 2025): CoinShares filed, 90% approval likelihood, Nasdaq "Baskets" trading.
• Solana ETF (Filed May 2025): Grayscale filed, under SEC review, potential altcoin market growth.
• XRP ETFs:
  • Bitwise XRP ETF (Filed Feb 6, 2025): Under SEC review, new response due Aug 17, 2025.
  • ProShares XRP ETFs (Apr 28, 2025): Live, includes Ultra (2x), Short, Ultra Short ETFs.
  • Grayscale XRP ETF (Filed May 2025): Under review, SEC deadline May 22, 2025.
  • Franklin Templeton XRP ETF (Filed Jun 2025): Conditionally Approved (Jul 15, 2025 launch pending final documentation).
  • 21Shares XRP ETF (Filed Jun 2025): Under review.
  • 3iQ XRP ETF (Jun 18, 2025): Launched on Toronto Stock Exchange (TSX: XRPQ, XRPQ.U), 0% management fee for first six months, backed by Ripple.
• Memecoin ETFs (Filed Jun 2025): Dogecoin (21Shares), BONK (Canary Capital), Trump Memecoin (VanEck-led), under review.

Financial Infrastructure

• Fedwire ISO 20022 Migration (Jul 14, 2025): Transitions to ISO 20022, replaces FAIM¹, includes FIRD², SASF³, EOM⁴ reports. Banks are recommended to lock core code by Apr 25, 2025; handles approximately $3T daily. Aligns with global ISO 20022 adoption trends, including SWIFT’s full migration (Nov 2025) and China’s existing ISO 20022-based systems (e.g., CNAPS2). Supports potential digital asset integration (e.g., XRP, USDC on XRPL) due to enhanced data standards, though not a primary focus.

ETF Summary Table

Footnotes

1. FAIM (Fedwire Application Interface Manual): The proprietary message format used by the Fedwire Funds Service prior to the ISO 20022 migration, which will be phased out on July 14, 2025.
2. FIRD (Financial Institution Reconcilement Data): Data files provided to financial institutions for reconciling transactions processed through the Fedwire Funds Service, also transitioning to ISO 20022 on July 14, 2025.
3. SASF (Statement of Account Spreadsheet Files): Spreadsheet files summarizing account activity for Fedwire users, included in the ISO 20022 migration on July 14, 2025.
4. EOM (End-of-Minute): Transaction detail reports generated at the end of each minute, which will adopt the ISO 20022 format on July 14, 2025.

Notes

• The 3iQ XRP ETF, announced today (Jun 18, 2025), marks a significant step in XRP's institutional adoption, trading on the Toronto Stock Exchange (TSX) with a promotional 0% management fee for the first six months and Ripple as an early investor. This aligns with the administration's push for crypto ETFs and complements the recent GENIUS Act passage, enhancing the regulatory landscape for digital assets.