The US Treasury Department on Thursday sent to President Biden, a regulatory framework for interagency engagement with foreign counterparts when it comes to dealing with digital assets.
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US Treasury Published a Framework For ‘International Engagement on Digital Assets’
The fact sheet developed by the Treasury Department was a response to President Biden’s March 9, 2022, Executive Order on “Ensuring Responsible Development of Digital Assets.”
Biden’s Executive Order outlined an interagency approach to address the potential benefits as well as the risks of digital assets and their underlying blockchain technology with the International engagement “to adapt, update, and enhance adoption of global principles and standards for how digital assets are used and transacted.”
According to the Treasury Department, the framework is developed to ensure that concerning digital assets, Businesses, investors, and consumers are protected, it is also developed to ensure that the US core democratic values are respected while dealing with any US agency using digital assets; appropriate global financial system connectivity and platform and architecture interoperability are preserved, and the safety and soundness of the global financial system and international monetary system are maintained.
As for international coordination and cooperation, the Department said it would engage with regulators and policymakers of the G7 nations on digital assets issues as well as the development of CBDCs, the integration of a new payment system into the international monetary system.
The US will also work with the other G7 nations to explore the potential benefits and the threats digital assets pose to financial stability in the countries involved.
Financial Stability Board, Financial Action Task Force, Federal Reserve Board forums for central banks at the Bank of International Settlement, and the World Bank amongst others are the regulatory bodies the US Treasury is planning to use for the engagement and coordination of crypto-related policy.
In a statement in the fact sheet;
“The United States will explore opportunities for joint experimentation on digital assets technologies, market innovations and CBDCs, with this core set of allies and partners to increase our shared learning about ways to develop systems that meet our shared policy objectives.”
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