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On Friday 16 September the White House published a new framework with directives on a greater control of cryptocurrencies and digital assetswith the intention of framing them inside a new regulatory framework.
L’Biden administration is concerned by rising volatility and, in particular, the recent decline in cryptocurrencies which has led to problems across the finance landscape. The framework, the first of its kind aimed at cryptocurrencies, specifically focuses on the steps that could be taken to change the financial services sector. make transactions easier and crack down on fraud.
“Digital assets pose significant risks to consumers, investors and businesses. The prices of these assets can be highly volatile.” supports the Biden administration. The current global market capitalization of cryptocurrencies is around one third of the peak of November 2021 ″.
The new guidelines will be updated by Securities and Exchange Commission (SEC) and from Commodity Futures Trading Commission (CFTC): no new authorities will therefore be established. The Consumer Financial Protection Bureau and the Federal Trade Commissionthey are also called upon to redouble their efforts to monitor consumer complaints and to enforce unfair, deceptive or abusive practices. However, no warrants have yet been issued, with the framework lacking effectiveness and clarity, according to some.
Biden also reserves the right to consider whether to invite the Congress to amend the Bank Secrecy Act through the extension of laws against the transmission of unlicensed money to digital asset service providers. According to an information sheet from the White House, the opportunity to include in this legislation also the digital asset exchanges and the platforms of non-fungible tokens (NFT).
Ultimately, the aim will be to intensify investigations into digital asset market misconduct and redouble enforcement efforts by strengthening coordination between agencies. The framework also refers to the central bank digital currency (CBDC), the so-called “digital dollar”. We are still in a phase of experimentation and evaluation on CBDC, and we hope for a dedicated research group led by treasure with a view to supporting the efforts of Federal Reserve.
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