Plume’s Perspective on the President’s Working Group Recommendations for Digital Asset Markets

We published the blueprint. Now Washington is catching up.

Last week, Plume released a set of forward-looking policy recommendations calling for the development of capital markets policy that matches the transformative potential of regulated stablecoins. With the GENIUS Act now law, we argued that the next phase of American leadership in digital finance depends on building safe, accessible, and productive onchain capital markets.

Today, the President’s Working Group on Digital Asset Markets released a set of national recommendations that reflect this very thesis.

 We applaud the Working Group for its clear, strategic alignment with many of the principles we laid out in our July 20th memo, GENIUS Stablecoin Policy Needs Genius Capital Markets Policy. Their roadmap affirms that the United States is preparing to lead the next chapter of blockchain-powered financial innovation—not just in payments, but in lending, trading, and investment infrastructure.

Shared Vision: Where Plume and the Working Group Align

The Working Group’s recommendations validate Plume’s core belief: stablecoins are only the beginning. The infrastructure they enable must be matched by policy that supports compliant, efficient capital formation. As the Report describes.  Key areas of alignment include:

1. Embracing open, permissionless blockchains and decentralized finance (DeFI) Under responsible oversight: The President’s Working Group calls on US regulators to encourage “efficiency and competition” enabled by permissionless blockchains and DeFi’s capabilities to accelerate capital market growth.
2. Regulatory clarity and innovation sandboxes: We share a call-to-action for the banking and credit union regulators, SEC, and CFTC to immediately provide clarity on trading, registration, custody, and recordkeeping—and to deploy safe harbors and regulatory sandboxes that allow innovation to reach the market faster while developing tailored oversight.  We are also heartened by the directive to bank regulators to reconsider existing punitive treatment of digital assets, particularly for digital assets on permissionless blockchains, including bank capital requirements.  
3. Tokenization of finance is the future: We have advocated for policies that enable safe tokenized yield and other onchain financial products as a part of robust onchain capital markets. The Report agrees, finding among other things, that the benefits of tokenization include the programmability and peer-to-peer transferability of assets, operational efficiency,e.g., 24/7 trading and simplified recordkeeping), and increased transparency relative to traditional financial markets”
4. Strategic Role for the U.S. Dollar and stablecoins: We understand that blockchains can strengthen dollar reach. Stablecoins are key to modernizing U.S. payments infrastructure. As the Report states its goal is “promoting and protecting the sovereignty of the United States dollar” through promoting “the development and groûth of laûful and legitimate dollar-backed stablecoins worldwide.”
5. Tax modernization for onchain activity: We understand that outdated tax frameworks are slowing legitimate innovation and limiting economic participation.  The Report calls for a number of revisions or new clarity regarding the tax treatment of digital assets, including the treatment of stablecoins as money “as opposed to property” and the revision of the US tax code defining “digital assets as a new class of assets subject to modified versions of tax rules applicable to securities or commodities for federal income tax purposes.”  

Plume’s Role: From Policy Thought Leader to Market Leader

Plume’s early and detailed policy framework demonstrates not only alignment with federal priorities, but leadership in shaping them. We are building infrastructure that meets the demands of both users and regulators:

• A permissionless, open blockchain that supports safe, scalable tokenization of real-world assets.
• A network already leading the industry in wallets holding RWAs and double-digit TVL growth post-mainnet.
• A product vision that puts compliance, security, and transparency at the center of the onchain economy.

The President’s Working Group has confirmed what we already knew: this moment is bigger than stablecoins. It’s about redefining the architecture of capital markets for a digital era.

We commend the Working Group for its thoughtful, action-oriented recommendations.  We’re also grateful for the opportunity to assist the Working Group and thank them for the small shout out on page 36!

Plume looks forward to continuing to work alongside members of the Working Group, policymakers, traditional financial intermediaries, banks, issuers, investors, and other developers to bring real-world finance onchain. Responsibly, securely, and at scale.

The message from Washington is clear: America intends to lead. At Plume, we’ve already started.