The White House unveils new comprehensive guidelines for the responsible development of crypto assets in the US economy.
In a new press release, the Biden administration unveils the first framework for developing digital assets.
The guidelines were created using information gathered after Biden issued an executive order in March ordering government agencies to research the pros and cons of crypto and blockchain technology.
“The nine reports submitted to the President to date, in accordance with the executive order deadlines, reflect the input and expertise of diverse stakeholders from government, industry, academia, and civil society.
Together, they articulate a clear framework for responsible development of digital assets and pave the way for further action at home and abroad.”
To promote responsible innovation in the world of crypto, the White House is recommending the development of a digital asset research and development agenda to study scalability, programmability, cybersecurity, and ways to make digital assets friendlier to the environment.
He also recommends educating stakeholders on how to safely invest in crypto assets.
In addition, the guidelines call for federal agencies to contribute to the development of virtual currencies.
It encourages the Treasury Department and other financial regulators to “provide innovative US companies developing new financial technologies with regulatory guidance, sharing of best practices and technical assistance.”
It also asks the Department of Energy and the Environmental Protection Agency (EPA) to “consider further monitoring the environmental impacts of digital assets. developing case-by-case performance standards; and providing local authorities with the tools, resources and expertise to mitigate environmental harm’.
Finally, the framework will ask the Commerce Department to create a forum where federal agencies, crypto company leaders, and academics can meet to exchange ideas that could influence crypto policies.
The White House is also focusing on combating predatory financial practices and illegal activities focused on digital assets.
“Some digital assets could facilitate faster payments and make financial services more accessible, but more work is needed to ensure they truly benefit underserved consumers and do not lead to predatory financial practices.”
To combat illegal activities, the Biden administration is calling on Congress to amend existing laws so they can better apply to digital assets.
“The President will evaluate whether to ask Congress to amend the Bank Secrecy Act (BSA), anti-secrecy laws, and anti-authorized money transfer laws to expressly apply to digital asset service providers – including of digital asset exchanges and non-tradable token (NFT) platforms.
He will also consider urging Congress to increase the penalties for unauthorized money transmission to match penalties for similar crimes under other money laundering laws and to amend relevant federal laws to allow the Justice Department to prosecute crimes digital assets in any jurisdiction where the victim of these crimes is found.”
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