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Gungun Bhatia
Sep 16, 2022
by Gungun Bhatia

White House Released Blueprint for Regulating Cryptocurrency

White House Cryptocurrency

Table of contents

  1. Division Of Framework By White House
  2. Active Participation Of U.S. Treasury
After six months of research into the cryptocurrency business, the White House unveiled a "First-Ever Comprehensive Framework for Sustainable Growth of Digital Assets." It outlines the findings and recommendations of various government departments. President Biden's executive order, signed in March this year, gave the order to study cryptography.

The new structure reportedly reflects the input and experience of numerous stakeholders across government, business, academia, and civil society. It is based on research from nine studies that have been presented to the President since the order.

Their ideas surpass consumer rights, the environment, and national security, strengthening the position of the United States of America as a worldwide leader in the crypto industry by promoting private-sector development and global cooperation.

Division Of Framework By White House

The framework is divided into the following 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).

The framework grants approval for authorities like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to keep coordinating operations to enforce the laws in the sector and to share information on consumer concerns in that area.

Active Participation Of U.S. Treasury

The U.S. Treasury would actively participate with financial institutions to help detect and reduce cyber threats through data exchange and analysis. Furthermore, it has the accountability of coordinating with authorities to provide regulatory advice to crypto companies.

Through international institutions like the Organization for Economic Co-operation and Development (OECD) and the Financial Stability Board (FSB), the Treasury will expand this responsibility to allies of the United States.

The Treasury should have finished evaluating the risk of illegal financing associated with decentralized finance (DeFi) and the evaluation of the risk associated with non-fungible tokens (NFTs) by the end of July 2023 and by the end of February 2023, respectively.

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White House Released Blueprint for Regulating Cryptocurrency
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.