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The Department of Justice released the fourth: “ Action Plan to Address Illicit Financing Risks of Digital Assets” (Illicit Finance Report).“ Crypto-Assets: Implications for Consumers, Investors and Businesses” (CIB Report).“ The Future of Money and Payments” (Payments Report).Three of the reports were issued by the Treasury Department: Overview and Key Takeaways From the Reports Instead, the documents reflect the administration’s incremental approach to regulating and stimulating development of the new technology. The reports do not, as some hoped, articulate a broad regulatory framework for digital assets and, indeed, they articulate few specific legislative or regulatory reforms. government take a leading role in standard-setting regarding illicit activities at the international and state level. The reports recommend that both departments make civil and criminal enforcement in the digital assets area a high priority, in order to protect consumers and markets, and to prevent illicit activities. They confirm the Biden administration’s broad but cautious support for innovation in this area and, at the same time, actively support assessing the risks of digital assets and pursuing responses. Department of the Treasury and Department of Justice released four much-anticipated reports on different aspects of cryptoasset regulation. Working together, we will work to ensure that American businesses remain globally competitive in this space through the responsible development of digital asset technologies.On September 16, 2022, the U.S. “As in all industries, America’s innovation is its strength. economic competitiveness by leveraging digital asset technologies and remain eager to hear what we can do to promote the secure and inclusive development of this growing part of our financial services system. “I particularly welcome President Biden’s direction to engage with industry, civil society, and other interagency partners in developing a framework to promote U.S. financial system by working with our industry partners to mitigate risks for the businesses and individuals who rely on it. We can and will ensure that our digital assets industry is a global leader while promoting the resilience of the U.S. As threats to the security and integrity of our financial system scale, the Department remains committed to addressing them and supporting our partners across sectors in their anti-money laundering efforts, countering terrorist and other illicit financing, and combatting other abusive activities. “As is the case for the digital assets market, innovation and growth tend to be accompanied by emerging challenges. Digital assets and associated technologies could hold significant potential for individual economic empowerment, financial inclusion, and reinforcement of America’s position as a world leader in innovative financial services. Digital assets have profound implications for the American economy at all levels: for national and state regulators, established businesses and startups, and, above all, individuals. “Over the last two decades, the market of digital assets and related technologies has evolved into a multi-trillion-dollar global industry. This Executive Order will ensure that our policy on digital assets safeguards our financial system and promotes American leadership. “President Biden has identified a bold and prudent path forward for a whole-of-government approach to encourage responsible innovation in digital assets, including cryptocurrencies, stablecoins, and central bank digital currencies. Today, following President Biden’s signing of an Executive Order on “Ensuring the Responsible Development of Digital Assets” that establishes a Federal government-wide approach to the development of the digital assets industry, Secretary of Commerce Gina M.
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