White House Reveals Vision for Regulating Cryptocurrency Industry: Privacy, Protection, and CBDCs in Focus
The White House unveiled a vision for regulating the cryptocurrency industry.
Government agencies have called for studies focused on user privacy and protection, energy consumption, and the benefits and risks of central bank digital currency (CBDC).
The framework calls for a host of initiatives, including amendments to the Bank Secrecy Act that would tighten enforcement against providers of digital asset-related services.
The Treasury Department has been directed to complete an assessment of DeFi-related risks by July 2023. The SEC and CFTC have also recommended increased attention to the area.
Summary of the document
The White House has released its first-ever comprehensive framework for the responsible development of digital assets. The framework includes initiatives aimed at protecting users’ privacy and security, reducing energy consumption, and evaluating the benefits and risks of central bank digital currencies (CBDCs).
To achieve these goals, the framework proposes amendments to the Bank Secrecy Act to strengthen enforcement against providers of digital asset-related services. The Treasury Department has also been directed to conduct an assessment of risks related to decentralized finance (DeFi) by July 2023, while the SEC and CFTC have recommended increased attention to the sector.
Overall, the framework seeks to encourage innovation in the digital asset space while ensuring that it is developed in a responsible and sustainable manner that benefits society as a whole.
Read in full by the link
https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/
