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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:
- Protect consumers, investors, and businesses in the United States and globally by promoting technology and regulatory standards that reflect the U.S. values;
- Protect U.S. and global financial stability and mitigate systemic risk;
- Mitigate illicit finance and national security risks posed by misuse of digital assets and counter and respond to efforts by foreign adversaries to drive standards and promote their protocols;
- Reinforce U.S. leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets and by advancing technology and regulatory standards that align with U.S. values;
- Promote access to safe and affordable financial services; and
- Support technological advances that promote responsible development and use of digital assets by advancing research and relationships that increase shared learning.
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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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.