White House Releases Digital Asset Regulatory Framework – Bitcoin Magazine

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The White House has published a legal framework for engaging with bitcoin and cryptocurrencies in the U.S. following a “whole of government” executive order (E.O.) from President Joe Biden earlier this year, per an official press release.

The “Ensuring Responsible Development of Digital Assets” E.O. called on government agencies to produce varying forms of research regarding consumer privacy and protection, energy usage, and central bank digital currency (CBDC) benefits and risks.

In accordance with the research provided, the White House intends to empower the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) to “aggressively pursue investigations” in the digital asset space.

Additionally, Biden’s administration will push the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) to “redouble their efforts to monitor” the ecosystem as it relates to “unfair, deceptive, or abusive practices.”

However, it is unclear what enables the determination of whether or not these agencies will begin monitoring for the aforementioned malicious behavior.

Continuing on, the framework also calls on agencies to begin accepting “instant payment systems,” such as FedNow and the consideration of regulating non bank payment providers.



Source link Bitcoin Magazine

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