Array
The Biden administration has released its first-ever comprehensive framework aimed at regulating digital assets like cryptocurrencies, including cracking down on fraud and fostering financial stability.
In March, President Joe Biden issued an executive order seeking to ensure the responsible development of digital assets. Since then, multiple government agencies have been framing policies aimed at pushing six areas of focus outlined in the order: protecting investors and customers; ensuring financial stability; countering illicit finance; promoting U.S. leadership in the global financial system; responsible innovation; and financial inclusion. Nine reports have been submitted to Biden to date, according to a White House fact sheet released on Sept. 16.
The reports encourage federal regulators like the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to “aggressively pursue” investigations and enforcement actions against unlawful practices involving digital assets.
President Biden will evaluate whether Congress needs to be called to amend the Bank Secrecy Act (BSA), laws against unlicensed money transmitting, and anti-tip-off statutes, so that they also apply to digital asset service providers.
