The White House releases a document that will explain the future of cryptocurrencies in the US

The White House on Friday launched a document referred to as “First Comprehensive Framework for Responsible Development of Digital Assets” detailing the findings and suggestions of numerous federal businesses in the United States after a six-month examine on cryptocurrency.

The order to analyze cryptocurrencies was issued throughout the administration of President Biden, signed in March of this 12 months. As a normal rule, at present’s “Comprehensive Framework” doesn’t introduce new laws, however it offers a clear overview of US cryptocurrency laws.

The new coverage relies on analysis from 9 reviews that have been submitted to the president since his order and is claimed to replicate “the contributions and actions of numerous stakeholders in authorities, trade, academia and organizations”.

Concerns document is broad, with directions as not apparent (comparable to shopper safety, the surroundings, and nationwide safety), however progress to cement the place of the US as the world chief in cryptocurrencies, to advertise the expertise trade. and worldwide cooperation.

The coverage is split into sections entitled “Protecting Consumers, Traders and Businesses”, “Promoting Access to Safe and Affordable Financial Services”, “Promoting Financial Stability”, “Promoting Smart Planning”, “Strengthening Our Global Leadership in Finance and Competition,” “Fighting Illicit Money” and “U.S. Central Bank Digital Currency (CBDC) Investigation”.

SEC pointers

The plan offers the inexperienced gentle to regulatory businesses comparable to the Securities and Exchange Commission (SEC), the US CVM, and the Commodity Futures Trading Commission (CFTC) to proceed coordinating efforts to implement company legal guidelines and share information on shopper complaints. house.

The US Treasury will take part in working with monetary establishments to assist determine and mitigate cyber dangers by sharing and analyzing information. It can be accountable for working with regulators to make sure that the crypto trade has a regulatory framework.

This service will even be offered to US companions by means of worldwide organizations comparable to the Organization for Economic Co-operation and Development (OECD) and the Financial Stability Board (FSB).

The Treasury is predicted to finish the monetary evaluation of unlawful securities by the finish of February 2023 and the evaluation of NFTs (Non-Fungible Tokens) by July 2023.

President Biden himself will should resolve whether or not to “invite Congress to amend the Bank Secrecy Act, anti-tipping legal guidelines, and anti-trafficking legal guidelines to use extra clearly to suppliers of digital providers – together with digital asset exchanges with an immutable token. ( NFT)

The official paperwork admit that there’s an “alternative” to make sure that blockchain expertise aligns with “zero-male financial system.”

US CBDC

At the starting of this month, the White House Office of Science and Technology Policy mentioned that cryptocurrency mining ought to scale back greenhouse gasoline emissions and mentioned that Congress could contemplate laws to “scale back or get rid of” high-level cooperation strategies. about Bitcoin. work instance.

The report additionally mentions a “potential US CBDC” citing the nice technological, monetary, safety and human rights advantages, however these efforts are restricted to the US CBDC objectives together with the “Treasury-led interagency working group” to contemplate the US CBDC. it will possibly do, develop technical abilities throughout governments, and share info with friends.

*Translated with permission from the supply decrypt.co.

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