As a follow up to President Biden’s Executive Order on March 9 that asked various federal agencies to issue official reports that examine the risks and benefits of cryptocurrencies, the White House this week released a proposed framework for the development and regulation of digital assets. The framework outlines what crypto regulation should look like, how to crack down on fraud in the digital currency space, and how borderless transactions can be harmonized.
In its series of reports released on September 15, 2022, the White House pointed to the volatility of cryptocurrency as well as its recent effect on the market, fraud relating to these digital assets, including money laundering and financing for terrorism, as well as the environmental impact of digital currency, as reasons for the need of more regulations for crypto assets.
Recommendations
Although no mandates have yet been imposed, the White House proposes that various regulations be considered and explored. The key points of the recommended regulations are:
Takeaways
These newly issued regulations will likely have global implications. Although no immediate impact is likely from these regulations outside of enforcement against fraud relating to cryptocurrency, the creation of a possible CBDC and the coming reports from various U.S. agencies regulators are expected to have a significant impact on the regulation and stability of cryptocurrency. We will continue to monitor any developments and provide additional information as it happens.
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