After U.S. President Joe Biden’s executive order on Ensuring Responsible Development of Digital Assets, federal agencies developed a joint fact sheet on six principal directions for digital asset regulation in the U.S.
This fact sheet summarizes nine separate reports submitted to the president to “articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad” were summarized.
The fact sheet was published on the White House’s official website on September 16th and consists of seven sections:
- 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).
A portion of the sections doesn’t have any new information. Instead, it emphasizes the principles and policies maintained by the present administration.
An example of this would be the protection of consumers and investors, with the reports urging regulators to “aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.” However, they do not mention the segregation of regulators’ duties, which is currently one of the country’s leading regulatory problems.
Though the fact sheet claims that, regarding digital assets, the U.S. agencies will “leverage U.S. positions in international organizations to message U.S. values,” it did not state the differences between its values and Europe’s regulatory approach.
The security strategy laid out in the report made amendments to the Bank Secrecy Act, anti-tip-off statutes, and laws against unlicensed money transmitting to apply explicitly to digital asset service providers, including exchanges and NFT platforms.
Finally, the fact mentioned in U.S. CBDC reveals that the administration has already developed policy objectives for the system surrounding it. Still, the paper states that further research on the possible technological foundation of that system is needed.
Though the digital asset framework fact sheet had relatively little new information, it did reiterate some points, like the U.S.’ desire to work on a CBDC.