All you need to know before the awaited regulation pops out.
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Remember the last episodes: last March, U.S. President Joe Biden kicked off the design process of a regulatory framework for crypto assets with his Executive Order (EO) on “Ensuring Responsible Development of Digital Assets”. Six months later, mid-September, a set of 9 reports has been released, where Government agencies present their progress.
We went through all of them and highlighted for you the key points of four.
These reports are not operative regulatory policies (which the digital asset industry is anxiously awaiting), but a very encouraging signal that the U.S. Government sees more clearly now the benefits of digital assets, and that these benefits will be exploited as long as the risks are well managed.
Have a good read!
The reports clearly identify the challenges and risks of digital assets used for financial services. At the same time, if these risks are mitigated, digital assets and other emerging technologies could offer significant opportunities. Janet Yellen, Secretary of U.S. Treasure
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Four key points of the report
1. Climate and Energy impacts: what can be done?
Responsible development of blockchain and distributed ledger technology (DLT) would encourage innovation in applications, while reducing energy intensity, minimizing total environmental damages, improving environmental justice and helping the U.S. meet its climate commitments.
2. Crypto-Assets: Risks for Consumers, Investors and Businesses
The approach proposed in the paper prioritizes the need of urgent actions to protect consumers, investors and businesses: active monitoring of the crypto-asset industry, issue guidance and oversight rules, access to trustworthy information.
3. The Future of Money & Payments: What's the next steps?
A U.S. CBDC would need to have the following three core features: be legal tender, be convertible once and for all into reserve balances or paper money, and be cleared and finally settled almost instantaneously.
4. Action Plan To Address Illicit Financing Risks Of Digital Assets
This action plan identified key priority actions and supporting actions to mitigate the risks of the evolving threats listed above, the essence of which is summarized in our doc.
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