- The White House released a comprehensive framework for the responsible development of digital assets.
- The comprehensive Framework doesn’t establish any new laws.
- Government agencies will launch new scientific and technical research.
The White House yesterday released a comprehensive framework for the responsible development of digital assets, after six months of study by various federal agencies. The report details how digital assets could pose risks to investors, businesses, and our financial stability, and offers recommendations for mitigating those risks while still promoting innovation.
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President Biden’s executive order, which was signed in March of this year, gave the order to study cryptography. Similar to the executive order, today’s “Comprehensive Framework” doesn’t establish any new laws, but it does give a clearer picture of how cryptocurrency regulation in the US will be handled.
The new framework allegedly reflects “the input and experience of numerous stakeholders across government, industry, academia, and civil society” and is based on research from nine reports that have been presented to the President since the decree.
The participants’ concerns are numerous, and the recommendations address issues ranging from common (such as consumer protection, the environment, and national security) to more innovative (such as encouraging private-sector innovation and cooperation on an international level).
Studies offer a roadmap for achieving responsible innovation and the development of digital assets, and in order to do this and promote innovation, the reports urge the federal government to adopt a research and development agenda for digital assets.
Government agencies will launch new scientific and technical research under that program, working in conjunction with significant partners in academia, business, and civil society.
The new framework allegedly reflects “the input and experience of numerous stakeholders across government, industry, academia, and civil society and is based on research from nine reports that have been presented to the President since the decree.
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