⚡️🇺🇸 NEW - White House task force releases lengthy report on crypto including legislative proposals, details on crypto reserves.

The expected 168-page report outlines recommendations on how crypto should be regulated, including language around the banking sector, stablecoins, taxes and illicit financing.

One cryptocurrency industry official said it would serve as a "regulatory bible", or guide for the sector.

"The Task Force, as authors of this report, supports the idea that digital assets and blockchain technologies can revolutionize not only the U.S. financial system, but also the ownership and governance systems of the economy as a whole. American entrepreneurs innovating in new sectors through these technologies deserve both clarification of the policies influencing their efforts and congratulations for the progress they've made."

The task force made several recommendations in the report, including urging Congress to affirm that people can hold their own cryptocurrencies without intermediaries, as well as granting the CFTC the authority to "regulate cash markets for unsecured digital assets."

The President's Task Force has also been tasked with evaluating the creation of a digital asset reserve.