The largest cryptocurrency has risen above $ 21,500 again and continues to rise. According to the statement released a few minutes ago, the US has taken a new step in cryptocurrency regulations. Many US officials on the long-awaited regulations said the process should be completed quickly. In particular, we can say that the collapse of the Earth accelerated the process.
The document was the first to be published after US President Joe Biden’s executive order on digital assets. The U.S. Department of the Treasury has released a fact sheet outlining how it can partner with foreign regulators to tackle the cryptocurrency industry. The memo, the first to be published following US President Joe Biden’s cryptocurrency executive order, states that the framework aims to “ensure that America’s core democratic values are respected” and stresses the importance of interoperability, targeting the consumer, investors and business community.
According to the report, the policy objectives of the framework include reducing the potential use of cryptocurrencies for illicit financing, promoting access to financial services, supporting technological advancement, and “strengthening US leadership in the global financial system.”
US Cryptocurrency Regulation
America has been the center of technology for years, and the secret to this success is that it supports new technologies and innovation. American politicians and the government believe that cryptocurrencies will occupy an important place in the future, despite their reputation being shaken by bad examples. Perhaps for this reason SEC head of a critical institution like MIT Blockchain And bitcoin Gary Gensler, who lectures, was involved.
However, the negativities experienced in recent months are not to be ignored. For this reason, stablecoins, algorithmic stablecoins and token issuance are among the areas to which competent institutions attach the greatest importance.
Some of the report’s titles are:
“Chassis, Crypto It is guided by the key policy objectives of the United States established in the Executive Order to ensure responsible development of resources (March 9, 2022) and adapted to reflect the international aspects of our work ”.
The report’s recommendations are as follows;
- Protect consumers, investors and businesses in the United States and around the world by promoting technology and regulatory standards that reflect U.S. values
- Maintain US and global financial stability and reduce systemic risk. It is important to counter and respond to efforts to mitigate illegal funding and national security risks resulting from the misuse of digital resources and to promote efforts by foreign competitors to guide standards and protocols.
- Responsible development of payment innovations and digital resources; And United States of America We must strengthen US leadership in the global financial system and technological and economic competitiveness, including the development of technological and regulatory standards in line with our values.
- We need to promote access to safe and affordable financial services. We need to support technological developments that support the responsible development and use of digital assets.
The last part of the report states:
“The United States will continue to actively participate in collaborative work on digital assets through multilateral forums and increase its participation in these organizations. United States, improvements to existing systems, potential obstacles to data localization and other frictions in data governance frameworks, CBDC It continues to work on the G20 roadmap to address the challenges and frictions associated with cross-border payments, including the international dimensions of its projects and potential problems. The US should continue to work with international partners on standards for developing digital payment architectures and CBDCs to reduce payment inefficiencies and ensure new payment systems are consistent with US regulatory values and requirements. Such international work should continue to address all issues and challenges posed by digital assets, including financial stability. “
In the near future, the United States could take constructive and innovative measures. This will be good for cryptocurrencies.