On July 30, President Trump’s Working Group on Digital Assets released its comprehensive “Strengthening American Leadership in Digital Financial Technology” report (the Report). The 160-plus-page report sets forth a series of recommendations seeking to “ensure crypto becomes a hallmark of the new American Golden Age” while outlining a proposed framework for regulating digital assets. A key section of the Report focuses on the taxation of digital assets and sets forth proposals on the modernization of the tax framework to better align with the realities of the digital asset ecosystem. The proposals address a range of substantive tax issues, including the classification of digital assets for tax purposes, the timing and character of income from mining and staking activities, and the tax treatment of stablecoins, and also recommends updates to taxpayer and third-party reporting requirements.

On August 7, President Trump signed an Executive Order directing the DOL, the SEC, and Treasury (including the IRS) to review and revise guidance to facilitate the inclusion of alternative investments—such as private equity, cryptocurrency, and other non-traditional assets—in defined contribution retirement plans. The Executive Order follows action in May of this year by the DOL to rescind its 2022 guidance that discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans.

With renewed enforcement of the Robinson-Patman Act against illegal price discrimination looming, direct-selling companies should reassess their pricing models. The FTC has made clear that tiered wholesale pricing, which gives higher-ranked distributors more favorable terms than their lower-ranked counterparts, can create significant legal risks under antitrust laws.