Key takeaways:
- The US Department Treasury, working with a group of agencies and regulatory bodies, published a crypto regulation framework
- The fact sheet comes as a result of President Biden’s crypto executive order from earlier in the year
- The document outlined core policy goals to be achieved through international cooperation
U.S. Treasury’s fact sheet outlines the Biden administration’s core policy objectives
The United States Treasury Department – in conjunction with several relevant governmental bodies, including the Secretary of State and the Secretary of Commerce – has published a fact sheet on international cryptocurrency regulation. The regulatory framework outlined in the document comes as a direct outcome of President Biden’s March executive order on Ensuring Responsible Development of Digital Assets published in March 2022.
The fact sheet sought to accommodate U.S. policy objectives outlined in the executive order, such as the protection of consumers, investors, and businesses, mitigation of system risk and illicit finance, and promotion of safe and affordable financial services.
An excerpt from the fact sheet reads as follows:
“The framework is intended to ensure that, with respect to the development of digital assets, America’s core democratic values are respected … and the safety and soundness of the global financial system and international monetary system are maintained.”
The full list of objectives outlined in the fact sheet published on July 7 includes:
- Protection of consumers, investors, and businesses
- Pursuit of domestic and global financial stability
- Preventing “foreign adversaries” from using digital assets to pose national security risks
- Reinforcement of U.S. dominance in finance and tech
- Promotion of safe and affordable financial services and products
- Advancement of digital assets development and research
The Biden administration aims to pursue the above-listed policy goals both domestically and by working with global partners through the G7 and G20 intergovernmental forums, regional and bilateral agreements, and via international regulatory and financial institutions such as the Financial Stability Board (FSB), the Organization for Economic Cooperation and Development (OECD), and the International Monetary Fund (IMF).
In related news, the Federal Reserve hosted an inaugural conference on the role of the US dollar last month. According to the write-up published last week, the conference attendees agreed that digital assets can help the US maintain its dominant global economic position in the medium term.
