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US Treasury develops ‘framework’ for International Cryptocurrency Regulation

The US Treasury Department published a fact sheet on Thursday, outlining how it could work with foreign regulators to tackle the cryptocurrency sector.

The document is the first publication of the series to stem from President Biden’s executive order on digital assets.

The fact sheet, which is the first report released by the department as a result of US President Joe Biden’s executive order on cryptocurrencies, says the framework “is intended to ensure that … core democratic values ​​are the core of the United States is respected”, pointing out that consumer, investor and business protection, the safety of the global financial system, and interoperability.

According to the sheet, the framework’s policy goals also include reducing the use of cryptocurrencies for illicit financing, promoting access to financial services, supporting public technology and “consolidates [ing] U.S. leadership in the global financial system.”

“The United States must continue to work with international partners on standards for developing digital payment architectures and CBDCs (central bank digital currencies) to reduce inefficiencies in payments and ensure that any new payment systems are consistent with U.S. legal requirements and values,” the fact sheet said.

The document notes that this work needs to address those concerns.

“In addition, the United States will promote the adoption and implementation of international standards through bilateral and regional commitments. In all commitments, the United States will seek to ensure a coordinated message , limit duplication and encourage the maintenance of work within its key stakeholders,” the document says.

To support this work, the Treasury said the United States should hold “commitments” and other types of forums, the fact sheet said.

The Justice Department published its response to Biden’s executive order on digital assets last month.