White House Releases Its Crypto Regulatory Agenda
The White House under Biden has proposed its initial agenda on the regulation of cryptocurrencies in the United States. This takes into account the methods via which the industry of financial services should advance in the case of borderless transfers conveniently as well as clamp down on scams across the world of digital assets.
The First-Ever Agenda Released by White House for Crypto Regulation
The latest orders are regarding the Commodity Futures Trading Commission and the Securities and Exchange Commission, however, no specific declaration has been made yet in this respect. Nonetheless, Washington’s long-awaited direction has grasped the attention of the entire crypto industry and the investors existing within the burgeoning space. The agenda comes following the executive order that was released in March this year.
In the respective order, Joe Biden (the President of the United States) invited federal organizations to investigate the hazards as well as the advantages provided by crypto assets. Along with this, the issuance of formal reports covering their inferences was also a part of this. For 6 months, the government institutions have been operating to construct their agendas as well as policy recommendations.
Those were to cope with half a dozen preferences recorded in the executive order such as the protection of the investors and consumers, the advancement in financial stability, and confrontation with illegal finance. The others take into account the sustenance of the leadership of the United States within the worldwide system of finance and the economic competitiveness thereof. Apart from that, responsible innovation, as well as financial inclusion, were also mentioned.
The U.S. Intends to Lead in Crypto Space with Its Initial Regulatory Agenda
All the above-mentioned suggestions form the initial approach of the government toward the industry’s regulation. National Economic Council’s director – Brian Deese – and Jake Sullivan (the national security advisor) made a statement pointing out that the latest instructions have been designed to take the U.S. to the leading position in the case of controlling the ecosystem of the digital assets within as well as outside its jurisdiction.
The agenda points toward the stablecoins and cautions that disruptive runs could be caused by them in the absence of adequate regulation. The administration mentions that the Treasury Department will operate in collaboration with the financial organizations to provide safety to the stablecoins.
