US Framework for Crypto Regulation Taking Shape
Treasury department has delivered their framework for crypto regulation to President Biden
Using tweets embedded better than actual news sources
Here is the statement from the Treasury Department
And here are the bullet points
OBJECTIVES OF THE FRAMEWORK
The framework is guided by the principal policy objectives of the United States as laid out in the Executive Order on Ensuring Responsible Development of Digital Assets (March 9, 2022) and tailored to reflect the international aspects of our work:
Protect consumers, investors, and businesses in the United States and globally by promoting technology and regulatory standards that reflect U.S. values;
Protect U.S. and global financial stability and mitigate systemic risk;
Mitigate illicit finance and national security risks posed by misuse of digital assets and counter and respond to efforts by foreign adversaries to drive standards and promote their protocols;
Reinforce U.S. leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets and by advancing technology and regulatory standards that align with U.S. values;
Promote access to safe and affordable financial services; and
Support technological advances that promote responsible development and use of digital assets by advancing research and relationships that increase shared learning.
The United States Government has been active in international fora and bilateral partnerships on many of these issues and will continue to work to amplify and expand these efforts to meet the President’s policy objectives.
The statement discusses global partnerships with the G7, the G20, the IMF, and the Worldbank.
Everything in the statement reads, “we will have a meeting to discuss what we will discuss in the next meeting.” It does tip its hat that the USA does not want to play a definitive role in defining crypto and is looking for others to influence the decision.
It also pointed out the stablecoins, how unreliable they are, and how destabilizing they can be. If there is one thing the regulators will focus on, it’s the stablecoins.
From prior experience, I really don’t believe in any stable coins and will not hold them anymore; that was from a tech perspective, add in this regulatory perspective, and now all bets are off.