By Shelly Melancon (Switzerland)
The Treasury Department of the United States has given President Biden a crypto framework. The framework would allow government agencies to collaborate with their international counterparts on crypto matters.
US Treasury Releases International Crypto Framework
On July 7th, the US Treasury released a statement directed by Biden. The President had given an executive order for the agency to report on a crypto regulatory framework.
Additionally, the Treasury consulted with various departments and government agencies. They include the Secretary of Commerce, the Secretary of State, and many others.
The framework aims to promote the creation of digital assets while upholding “America’s essential democratic ideals.” Also, it will guarantee the security and stability of the international monetary and financial systems.
According to Biden’s EO, the Department was responsible for leading an intergovernmental effort in the US. The purpose was to suggest policies for reducing crypto-related risks.
Additionally, the agency considered the possible dangers to investors. These dangers can arise from uneven regulation, and supervision in different regions.
The report said there must be a partnership among public authorities and other stakeholders. Therefore, the government agency underlined the importance of international collaboration. The Treasury stated that:
Also read:“The US faces several challenges when investigating fraudulent crypto transactions. They include inadequate AML laws, supervision, and regulation by other nations. This is also the situation in cybercrime-related laundering and washing activities.”
Crypto Framework Calls For International Partnership
Furthermore, the body announced that it would interact with G7 regulators on crypto matters. These include digital assets, the development of a CBDC, and blockchain technology.
Additionally, the US will collaborate with the G20 to identify possible threats to its financial stability. These threats could be from digital assets and advanced rules for cryptocurrencies.
Therefore, the US will hold discussions with participants about macro-financial problems. With recent events, the crypto climate is becoming clearer in the country.
In March, President Biden gave an executive order to various governmental bodies. The aim was to create a unified policy on crypto by cooperation among the agencies.
The EO did not only direct the Treasury to work on a crypto regulatory framework. It also asked the Fed to research the potential of a digital Dollar.
Last month, The Department of Justice released a report on digital currencies. The report highlighted ways that the given can strengthen law enforcement internationally. This would help to prevent the illicit usage of crypto assets for criminal activities.
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