White House Released Blueprint for Regulating Cryptocurrency

After six months of research into the cryptocurrency business, the White House unveiled a “First-Ever Comprehensive Framework for Sustainable Growth of Digital Assets.” It outlines the findings and recommendations of various government departments. President Biden’s executive order, signed in March this year, gave the order to study cryptography. The new structure reportedly reflects the input and experience of numerous stakeholders across government, business, academia, and civil society. It is based on research from nine studies that have been presented to the President since the order. Their ideas surpass consumer rights, the environment, and national security, strengthening the position of the United States of America as a worldwide leader in the crypto industry by promoting private-sector development and global cooperation. Division Of Framework By White House The framework is divided into the following sections: Protecting Consumers, Investors, and Businesses; Promoting Access to Safe, Affordable Financial Services; Fostering Financial Stability, Advancing Responsible Innovation; Reinforcing Our Global Financial Leadership and Competitiveness; Fighting Illicit Finance, and Exploring a U.S. Central Bank Digital Currency (CBDC). The framework grants approval for authorities like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to keep coordinating operations to enforce the laws i...