After a long struggle regarding cryptocurrency legislation, the White House has finally released the first legislative framework for this area.
Following Joe Biden’s executive order on the responsible development of digital assets, federal agencies have released a joint fact sheet on six major policies for the regulation of digital currencies in the United States. The report summarizes the content of nine separate reports 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.” This statement is the result of the efforts of 9 federal agencies over the past 6 months.
This information was published on the official website of the White House on September 16 (25 Shahrivar) and includes 7 sections:
- Protecting consumers, investors and businesses
- Improving access to safe and affordable financial services
- Strengthening financial stability
- Responsible promotion of innovation
- Strengthening global financial leadership and competitiveness
- Fight against illegal financing
- United States Central Bank Digital Currency (CBDC) Review
Some sections do not contain specific new information and reiterate the principles and policies that the current government has adhered to. For example, to protect consumers and investors, the reports urge regulators — the Securities and Exchange Commission and the Commodity Futures Trading Commission — to “Strictly pursue investigations and enforcement actions against illegal activities in the space of digital assets». At the same time, in these reports, nothing is mentioned about the separation of the duties of the regulators, which is one of the main regulatory problems of the country.
Federal agencies recommend creating a federal framework for non-bank payment providers to promote access to financial services. They also recommend the adoption of instant payment systems such as FedNow, which is scheduled to be launched by the Federal Reserve in 2023 (1402).
As part of advancing responsible innovation efforts, the Office of Science and Technology Policy (OSTP), which recently released a critical report on the negative climate impacts of cryptocurrency mining, has launched a research and development agenda to help mitigate these assets’ negative impacts on climate. environment will create. Accordingly, the Department of Energy, the Environmental Protection Agency and other agencies will consider further tracking the environmental impacts of digital assets.
The paper claims that US agencies use the US’s position in international organizations to convey the country’s values regarding digital assets, but does not specify how precisely these values differ from Europe’s rapidly emerging regulatory approach.
Security strategy included Bank Secrecy Law Amendments, The statute of combating confidential information and Laws against unauthorized money transfers is expressly intended for digital asset service providers, including exchange offices And Peerless Tokens (NFT) Platform apply.
The last, but perhaps most important part of Berg’s proposition is devoted to the US CBDC. This shows that the government has already set policy goals for a US CBDC system Created; But more research is needed on the possible technical basis of that system. However, CBDC seems like a very serious goal; Because the Treasury will lead an interagency task force involving the Federal Reserve, the National Economic Council, the National Security Council, and the OSTP.