The U.S. Treasury Department has delivered a framework for crypto belongings to President Joe Biden, fulfilling its obligation as directed in the manager order on crypto that the president issued in March.
U.S. Treasury Secretary Delivers Crypto Framework to Biden
The U.S. Department of the Treasury printed a reality sheet titled “Framework for International Engagement on Digital Assets” Thursday.
It states that the Secretary of the Treasury has delivered to President Joe Biden “a framework for interagency engagement with foreign counterparts and in international fora as directed in the President’s executive order on Ensuring Responsible Development of Digital Assets.” Biden’s government order on crypto regulation was issued on March 9.
The framework requires the U.S. and its overseas allies to collaborate to create worldwide requirements for regulating crypto belongings. The Treasury described:
Uneven regulation, supervision, and compliance throughout jurisdictions creates alternatives for arbitrage and raises dangers to monetary stability and the safety of customers, traders, companies, and markets.
“Inadequate anti-money laundering and combating the financing of terrorism (AML/CFT) regulation, supervision, and enforcement by other countries challenges the ability of the United States to investigate illicit digital asset transaction flows that frequently jump overseas, as is often the case in ransomware payments and other cybercrime-related money laundering,” the division added.
The Treasury additional defined that the U.S. should work with worldwide companions and be a pacesetter in the discussions on central financial institution digital currencies (CBDCs) and digital cost architectures.
“Such international work should continue to address the full spectrum of issues and challenges raised by digital assets, including financial stability; consumer and investor protection, and business risks; and money laundering, terrorist financing, proliferation financing, sanctions evasion, and other illicit activities,” the Treasury famous.
The reality sheet outlines key worldwide engagements for the U.S., together with with the G7 and G20 international locations, the Financial Stability Board (FSB), the Financial Action Task Force (FATF), the Egmont Group of Financial Intelligence Units (FIUs), the Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), The World Bank, and different Multilateral Development Banks (MDBs).
“What’s outlined in the framework is intended 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 Treasury detailed.
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