The White House released a framework for CBDC development and stringent management of the environment in response to U.S. President Biden’s executive order. This is the first time the White House has released its comprehensive crypto regulatory framework.
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Following a “whole of government” executive order (E.O.) from President Joe Biden earlier this year, the White House has released a legal framework for dealing with bitcoin and cryptocurrencies in the United States, according to an official press release.
The “Ensuring Responsible Development of Digital Assets” Executive Order requested that government organizations do various types of study on the privacy and protection of consumers, energy consumption, and the advantages and disadvantages of central bank digital currency (CBDC).
The White House aims to provide the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) the authority to “aggressively pursue investigations” in the area of digital assets in accordance with the research offered.
The Biden administration will also urge the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) to “redouble their efforts to monitor” the ecosystem in relation to “unfair, deceptive, or abusive practices.”
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What, exactly, determines whether or not these agencies start monitoring for the aforementioned nefarious behavior is unknown.
The framework continues by requesting that agencies start embracing “instant payment systems,” such as FedNow, and that they consider regulating non-bank payment providers.
In order to comprehend digital asset ecosystems, the National Science Foundation (NSF) will conduct research in “technical and socio-technical disciplines and behavioral economics.”
After a recent report from the White House Office of Science and Technology Policy (OSTP), the Department of Energy (DoE) and the Environmental Protection Agency (EPA) have been tasked with “tracking digital assets’ environmental impacts; developing performance standards as appropriate; and providing local authorities with the tools, resources, and expertise to mitigate environmental harms.”
Additionally, the Bank Secrecy Act will be modified to extend to digital assets, which will result in increased penalties for unauthorized money transfers and tighter enforcement against companies that provide digital asset services.
A risk analysis of decentralized finance (De-Fi) will also be conducted by the US Treasury department.
Furthermore, “Policies for a U.S. CBDC System,” which outlines the government’s priorities in relation to the introduction of a digital dollar, was created by the Biden administration. The release does note that “further research is needed.”
The Federal Reserve, the National Economic Council, the National Security Council, the Office of Science and Technology Policy, and the Treasury Department were picked to head the ongoing working group for the investigation and potential creation of a CBDC.