White House releases 'first-ever' comprehensive framework for crypto
The fact sheet summarizes the research efforts of 9 federal agencies over the past 6 months.
New
Following President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets, Federal Agencies have developed a joint fact sheet on the 6 Key Directions of Crypto Regulation in the United States. It summarizes the content of 9 separate reports, which were submitted to the President to "articulate a clear framework for the responsible development of digital assets and pave the way for further action at home and abroad".
The fact sheet was posted on the official White House website on September 16 and consists of 7 sections: (1) Protecting Consumers, Investors, and Businesses; (2) Promote access to safe and affordable financial services; (3) promote financial stability; (4) Advance Responsible Innovation; (5) Strengthen our global financial leadership and competitiveness; (6) Fighting Illicit Finance and (7) Exploring a US Central Bank Digital Currency (CBDC).
Some sections do not contain particularly new information, again underscoring the principles and policies that the current administration is sticking to. For example, to protect consumers and investors, the reports urge regulators – the Securities and Exchange Commission and the Commodity Futures Trading Commission – to “aggressively pursue investigation and enforcement action against illegal practices in the trading space. digital assets". At the same time, they say nothing about the segregation of duties of regulators, which remains one of the main regulatory problems in the country.
To promote access to financial services, federal agencies recommend creating a federal framework for non-bank payment providers and encouraging the adoption of instant payment systems like FedNow, scheduled to be launched by the Federal Reserve in 2023.
As part of advancing responsible innovation efforts, the Office of Science and Technology Policy (OSTP), which recently...
The fact sheet summarizes the research efforts of 9 federal agencies over the past 6 months.
New
Following President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets, Federal Agencies have developed a joint fact sheet on the 6 Key Directions of Crypto Regulation in the United States. It summarizes the content of 9 separate reports, which were submitted to the President to "articulate a clear framework for the responsible development of digital assets and pave the way for further action at home and abroad".
The fact sheet was posted on the official White House website on September 16 and consists of 7 sections: (1) Protecting Consumers, Investors, and Businesses; (2) Promote access to safe and affordable financial services; (3) promote financial stability; (4) Advance Responsible Innovation; (5) Strengthen our global financial leadership and competitiveness; (6) Fighting Illicit Finance and (7) Exploring a US Central Bank Digital Currency (CBDC).
Some sections do not contain particularly new information, again underscoring the principles and policies that the current administration is sticking to. For example, to protect consumers and investors, the reports urge regulators – the Securities and Exchange Commission and the Commodity Futures Trading Commission – to “aggressively pursue investigation and enforcement action against illegal practices in the trading space. digital assets". At the same time, they say nothing about the segregation of duties of regulators, which remains one of the main regulatory problems in the country.
To promote access to financial services, federal agencies recommend creating a federal framework for non-bank payment providers and encouraging the adoption of instant payment systems like FedNow, scheduled to be launched by the Federal Reserve in 2023.
As part of advancing responsible innovation efforts, the Office of Science and Technology Policy (OSTP), which recently...
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