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White House lays out ground rules for digital assets

White House lays out ground rules for digital assets

The White House has issued a sweeping executive order on the oversight of cryptocurrencies and prompted the Federal Reserve to step up the pace on exploration of the case for a central bank digital currency (CBC)

The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; US leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.

In a statement, NEC director Brian Deese and National Security Advisor Jake Sullivan, says: "We are clear-eyed that 'financial innovation' of the past has too often not benefited working families, while exacerbating inequality and increasing systemic financial risk. This history underscores the need to build robust consumer and economic protections into digital asset development."

To support the reforms, the Secretary of the Treasury, working with all relevant agencies, will produce a report on the future of money and payment systems, to include implications for economic growth, financial growth and inclusion, national security, and the extent to which technological innovation may influence that future.

The Order also places "urgency" on research and development of a potential United States CBDC. It directs the Government to assess the technological infrastructure and capacity needs for a potential US CBDC and encourages the Federal Reserve to continue its research, development, and assessment efforts, including development of a plan for broader US Government action in support of their work.

Comments: (4)

A Finextra member
A Finextra member 09 March, 2022, 16:13Be the first to give this comment the thumbs up 0 likes

They always lean on "we're protecting families" when they're trying to take more of your freedoms. The end game is to be able to track every penny you spend, tax the hell out of you, and freeze your assets for any perceived offense against the government. 

Dinesh Katyal
Dinesh Katyal - Financial Data Exchange - San Francisco Bay Area 09 March, 2022, 16:281 like 1 like

It is about time - if a $3T market cap market in Crypto involving 40M Americans isn't ripe for government oversight, I'm not sure what is.

David Milligan
David Milligan - Ulysses Partners - Charlotte 10 March, 2022, 02:26Be the first to give this comment the thumbs up 0 likes

Agreed Dinesh. But for me the CBDC focus is key - as the global reserve currency, the US needs to get a coherent framework in place to make best use of this powerful tool.

Bill Trueman
Bill Trueman - Riskskill.com - London 15 March, 2022, 11:18Be the first to give this comment the thumbs up 0 likes

Anonymous posts about government taking away freedmon by clamping down on crypto-currencies controls only makes me want to support this to stop the people who use cryptocurrency as the 'oil' for illegal transactions and money laundering. Who else would have an anonymous 'poke' at government controls?