A number of US government publications that were expected to provide light on the Biden administration’s and regulators’ intentions regarding digital assets have been keenly anticipated by the cryptocurrency industry. The majority of the records are now public, but the situation is still unclear.
The Treasury Department’s studies, three of which were released on Friday, essentially urge the agency to keep monitoring cryptocurrency threats, carry out enforcement actions, and advance efforts to create a digital dollar (without recommending the U.S. should have one).
The findings unequivocally outline the risks and challenges posed by digital assets utilised in financial services “Reporters were briefed by Treasury Secretary Janet Yellen. “Digital assets and other developing technologies may present enormous opportunities if these risks are reduced.
The reports are in response to President Joe Biden’s executive order on digital assets, signed in March, which instructed federal agencies to examine various aspects and concerns surrounding the cryptocurrency ecosystem and provide recommendations for how the U.S. can both be a leader in the global digital asset sector and address any risks posed to monetary stability or consumer protection. 21 reports in total will be released by the agencies.
Over the past few months, reports from the Treasury Department, the Justice Department, and the White House Office of Science and Technology Policy have all been released. On Friday, the Treasury released three further studies, and the White House released its “first-ever framework for responsible development of digital assets.”
National Security Advisor Jake Sullivan and Director of the National Economic Council Brian Deese stated in a statement that the various studies express concerns about consumer protections and illegal activity and offer solutions for the government to address these problems.
Together, we are establishing the foundation for a smart, all-encompassing strategy to reduce the serious risks associated with digital assets and, when possible, to take use of their advantages. The statement claimed that the company “remains dedicated to working with allies, partners, and the larger digital asset community to determine the future of this ecosystem.”