The US Presidential Administration has defined a strategy for state
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The US Presidential Administration has defined a strategy for state regulation of cryptocurrencies

White House released “The First Comprehensive Framework for the Responsible Development of Digital Assets,” which lists the findings and recommendations from US federal agencies that have been addressing this issue for the past six months.

    Image source: Petre Barlea / pixabay.com

Image source: Petre Barlea / pixabay.com

In March of this year, the US President issued an executive order ordering a comprehensive study of the cryptocurrency industry. Both the decree and the concept that appeared after it do not establish new norms, but give an idea of ​​​​the mechanisms that will regulate the cryptocurrency market in the country. The document contains the following sections:

  • consumer, investor and business protection;
  • promoting access to safe and affordable financial services;
  • promoting financial stability;
  • promoting responsible innovation;
  • strengthening global financial leadership and competitiveness;
  • fight against illegal financing;
  • Exploring the US Federal Reserve (CBDC) digital currency.

    Image source: Openclay / pixabay.com

Image source: Openclay / pixabay.com

The document confirms the powers of regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to oversee compliance with laws in the cryptocurrency industry and to receive complaints from consumers. The US Treasury Department will play an active role in working with financial institutions to identify and mitigate risks, enforce regulatory orders, and work with US-friendly countries in this area. By the end of February 2023, the Treasury will complete a risk assessment of decentralized finance systems and a similar report on NFTs will be produced by July. The presidential administration, in turn, must decide whether to extend the banking secrecy law to digital asset service providers.

Finally, the paper raises the question of whether the US will issue an official digital currency and lists the initiative’s advantages in terms of technology, economics, security and individual freedom. In practice, for the time being, it is proposed to organize a working group headed by the Ministry of Finance, which will assess the possible consequences of issuing an electronic dollar and ensure the exchange of information with partners.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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