![]() House stressed the importance of the “responsible development” aspect of the reports. for economic and national security purposes, but also demonstrating that it must be responsible development,” House said. “We had totally complementary White House documents, like research and development guidance that came out from the Office of Science Technology Policy, the critical emerging technologies list that pointed to distributed ledger technologies and digital assets as critical emerging technologies, lots of mutually reinforcing policy objectives that are pointing to the responsible development of the space as being beneficial to the U.S. The Treasury Department has published the most reports and launched a request for comment process asking the general public to weigh in on certain illicit finance concerns. This could include supporting educational initiatives and developing a workforce, the report said. In a September report, the department recommended more engagement with both private companies and international regulators “to promote development of digital asset policies … consistent with U.S. The Commerce Department took a slightly different approach, reflecting the agency’s mission. The Justice Department may have taken the most concrete action through two reports, creating a network of prosecutors who specialize in cryptocurrency crimes and recommending a number of laws to both better pursue cryptocurrency crimes and share more information about them with the department’s international partners. To date, the departments of Treasury, Commerce and Justice, as well as the White House Office of Science and Technology Policy, have published responses to the executive order. approach, and that I really don't see under many, if any, international approaches.” “There's some incredibly innovative content and things that we've never seen before, certainly under any U.S. “I’m totally thrilled with the reports that the White House issued, and I'm so proud of the entire interagency, for coming together and just creating this first ever comprehensive framework for responsible development of digital assets,” House said. One of the White House’s documents, published in September, proposed a “comprehensive framework for responsible development of digital assets,” which suggested a federal regulatory regime for nonbank payment providers, something crypto companies would want, given the current system of applying for state money transmitter licenses in each state the companies want to set up in. More reports are expected, including one addressing whether the Federal Reserve has the authority to issue a digital dollar and one examining what sort of regulatory gaps still exist within crypto oversight. The White House and various executive branch departments have published the first few sets of reports, addressing a number of issues including considerations for a central bank digital currency, how crypto-related crimes might be prosecuted and how the U.S. Still, we now have a clearer sense of how the government is approaching this. Whether and how the federal government may adopt policies supportive of blockchain development is also up in the air. ![]() A simmering turf war between the Securities and Exchange Commission and Commodity Futures Trading Commission is no closer to conclusion than it was when the order first published. ![]() will regulate digital assets remain up in the air. It’s worth noting up front that many major questions about how the U.S. But here’s some additional detail from our conversation. In 2008, it was invented, and in 2009, it began to be used as open-source software.īitcoin uses the SHA-256 hashing algorithm to encrypt the data stored in the blocks on the blockchain.You can read the bulk of this in CoinDesk’s Most Influential series. The report stated that a Central Bank Digital Currency (CBDC) is planned and pointed out the several benefits for technology, the economy, security and individual freedom. The White House Office of Science and Technology also pointed out that crypto miners need to reduce greenhouse gas emissions and Congress may look to limit high energy intensity consensus mechanisms. ![]() The sheet also added that the President would assess whether to seek Congressional arbitration to amend the Bank Secrecy Act laws, anti-tip-off laws and laws against unauthorized money transmissions in relation to digital asset service entities, exchanges and NFT platforms. The factsheet states that there are opportunities to ensure blockchain technology helps reduce carbon footprints and spikes environmental justice. Biden will have to come up with a decision and then, ask Congress for its views. In relation to Bank Secrecy Act, rules against tip-offs and laws against unlicensed money transmission will apply to digital asset services providers like NFT platforms and digital asset exchanges.
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