The White House has stated that it wants to protect consumers, combat financial crime, and investigate the possibility of launching a digital dollar.
White House Publishes Crypto Framework
The United States government is finally taking steps to strengthen regulatory oversight of the digital asset space.
The White House released the first crypto framework on Friday, focusing on the key areas of the cryptocurrency space where the Biden Administration wants to focus its attention. The action follows President Biden’s March executive order on “Ensuring Responsible Development of Digital Assets.”
“Together, we are laying the groundwork for a thoughtful, comprehensive approach to mitigating digital assets’ acute risks and—where proven harnessing their benefits,” a joint statement from NEC Director Brian Deese and National Security Advisor Jake Sullivan said.
According to a White House statement, multiple government agencies have joined forces to oversee the growth of the digital assets space, with a focus on seven primary goals:
safeguarding consumers and businesses.
- promoting financial services access.
- promoting financial stability.
- promoting innovation.
- preserving the country’s position as a financial leader.
- combating financial crime.
- investigating the possibility of a digital dollar.
The White House explained how it would achieve each of its goals in the statement.
- Protecting Consumers and Businesses: The White House raised concerns about the risks of crypto assets, citing price volatility and crypto currency scams.
The statement encouraged the Securities and Exchange Commission and Commodity Futures Trading Commission to “aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.”
- Promoting Access to Financial Services: To make the digital economy accessible to everyone, the White House said that the government should focus on “supporting the development and use of innovative technologies by payment providers.” According to the statement, the National Science Foundation will work on ensuring digital assets are “usable, inclusive, equitable, and accessible” to everyone.
- Advancing Innovation: The report stated that the government intends to encourage innovation and outlined several steps to ensure that the United States keeps up with the notoriously fast-moving crypto space.
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