Friday, September 30, 2022

US President Releases Crypto Asset Regulatory Framework, Here’s What It Covers

WASHINGTON, investor.id – The presidential office at the White House has just released its first framework on what crypto asset regulation looks like in the United States (US). In the following, the scope is discussed.

Within the framework, the US government includes ways in which the financial services industry should evolve to make seamless transactions easier. Accompanied by guidelines on how to crack down on fraud in the digital asset scope.

This new directive touches on existing regulators, such as the Securities and Exchange Commission (Securities and Exchange Commission/ SEC) and the Commodity Futures Trading Commission (Commodity Futures Trading Commission/ CFTC). But no institution has yet mandated any regulation for crypto assets.

Now, the long-awaited direction from the government has caught the attention of the crypto industry as a whole and investors in this nascent asset class.

The framework follows an executive order issued in March 2022. At that time, US President Joe Biden asked federal agencies to examine the risks and benefits of crypto assets (cryptocurrency) and issued an official report on their findings.

For six months, government agencies have been working to develop their own framework and policy recommendations to address the six priorities listed in the executive order.

The six priorities include:

1. Consumer and investor protection;

2. promote financial stability;

3. fight against practices that violate financial laws;

4. US leadership in the global financial system and economic competitiveness;

5. financial inclusion; as well as

6. Responsible innovation.

Together, these recommendations comprise the first overall government approach to regulating the industry.

National Economic Council Director Brian Deese and national security adviser Jake Sullivan said in a statement that the new guidelines are intended to position countries as leaders in the governance of digital asset ecosystems at home and abroad.

Editor : Grace El Dora ([email protected])

US President Releases Crypto Asset Regulatory Framework, Here's What It Covers

Nation World News Desk
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