In response to President Biden’s executive order on crypto in March, the White House has released its “first-ever” framework on how cryptocurrency should be regulated in the US.
As per the framework, recommendations and conclusions of all concerned federal government agencies were outlined, these conclusions came after six months of studying cryptocurrency.
In the publication, concerns were raised not only on the obvious aspects like consumer protections, environment and national security but also to consolidate the U.S.’s role as a global crypto frontrunner by encouraging private-sector innovation and co-operation on an international level.
The framework is broken down into sections titled “Protecting Consumers, Investors, and Businesses,” “Promoting Access to Safe, Affordable Financial Services,” “Fostering Financial Stability,” “Advancing Responsible Innovation,” “Reinforcing Our Global Financial Leadership and Competitiveness,” “Fighting Illicit Finance,” and “Exploring a U.S. Central Bank Digital Currency (CBDC).”
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The Recommendations
The framework however noted that the regulators like the Commodity Futures Trading Commission and Securities and Exchange Commission will keep coordinating efforts to enforce the law in the industry, and the regulators will as well share data on consumer complaints.
Janet Yellen’s Treasury Department will be actively working with financial institutions to assist in identifying and reducing cyber risk via sharing data and analysis, additionally, the department is also required to work with regulators to ensure that crypto firms have regulatory guidance.
“(The) reports and their recommendations provide a strong foundation for policymakers as we work to realize the potential benefits of digital assets and to mitigate and minimize the risks,” said Treasury Department Secretary, Janet Yellen.
The release also mentioned malicious players who use crypto for illegal dealings and the need to address the activity, the framework a deed that;
“Digital assets have facilitated the rise of ransomware cybercriminals; narcotics sales and money laundering for drug trafficking organizations; and the funding of activities of rogue regimes.”
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