U.S Treasury releases framework for responsible development of digital asset regulation
The United States Treasury has issued a framework on crypto-assets designed to assist US government agencies to work with foreign regulators.
This globally focused framework follows an executive order on digital assets made by President Joe Biden back in March, which focused on the coordination and consolidation of various government agencies under a national policy. The Treasury’s recent framework order appears to be an internationalisation of the governments efforts to ensure the responsible development of digital assets under the executive order. According to the Treasury the framework aims to:
ensure that, with respect to the development of digital assets, America’s core democratic values are respected; consumers, investors, and businesses are protected; appropriate global financial system connectivity and platform and architecture interoperability are preserved; and the safety and soundness of the global financial system and international monetary system are maintained.
The government department cites that due to the risks posed to investors by the uneven regulation, supervision, and compliance across jurisdictions international cooperation among public authorities, the private sector, and other stakeholders is critical. This could be seen as a dig at the highly centralised Chinese central bank digital currency.
To elaborate on the nature of the issue, the report…
