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The U.S. Treasury Department has shared proposals to regulate cryptocurrencies as part of the country's ongoing initiatives to implement general laws for the sector. It pushes the unified global regulation of cryptocurrencies.
On July 7, the U.S. Department of the Treasury released an international regulatory framework for cryptocurrencies, detailing how U.S. domestic financial values should be respected along with protecting businesses and consumers involved in the crypto sector. According to Fact Sheet: Framework for International Engagement on Digital Assets, cryptocurrencies should be regulated to minimize the possible use of digital assets for criminal purposes. In addition, the agency noted that regulated cryptocurrencies can help expand financial inclusion and spur innovation.
Fact Sheet outlined the objectives of the framework:
The Treasury wants the US to strive for uniformity with global partners by providing a “coordinated message, limit duplication and encourage that work is maintained within its primary stakeholders.” It was also stated that the U.S. will continue to host events and forums to build on the fact sheet developed under President Joe Biden's executive order for federal digital currency development agencies.
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