The U.S. Treasury shared information on the “framework” for international crypto-regulation that it delivered to President Joe Biden.
- U.S. Treasury delivered a framework for global crypto regulation to Biden
- The idea is that there should not be big differences between the regulations of the countries.
- The proposal seeks to “protect consumers, investors and businesses”.
The U.S. Department of the Treasury released the department’s first report as a result of the executive order from U.S. President Joe Biden who in February of this year explicitly asked the country’s agencies to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the issue of cryptocurrencies.
According to the Treasury website, the report, with an interagency approach as requested by Biden, included Treasury Secretary Janet Yellen, along with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. Agency for International Development (USAID) and the heads of other relevant agencies.
Initially, the report says: “What is described in the framework is intended to ensure that, with respect to the development of digital assets, the fundamental democratic values of the United States are respected; consumers, investors and businesses are protected; the adequate connectivity of the global financial system and the interoperability blockchain interoperability, or cross-chain interoperability, is the ability to see and share information across multiple blockchains. of the platform a place to buy, sell and store cryptocurrency and architecture are preserved; and the safety and soundness of the global financial system and the international monetary system are maintained”.
Global and equal rules
In addition, the report sent to Biden adds: “Technology-driven financial innovation is often cross-border and can affect households, businesses and governments around the world. International cooperation between public authorities, the private sector and other stakeholders is therefore essential to maintain high regulatory standards and a level playing field, expand access to safe and affordable financial services, and reduce the cost of domestic and cross-border payments, including through the continued modernization of public payment systems”.
First and foremost, they believe that global and equal rules are necessary because “uneven regulation, supervision and enforcement across jurisdictions create opportunities for arbitrage arbitrage is the practice of quickly buying and selling the same asset in different markets to take advantage of price differences between the markets. and increase risks to financial stability and the protection of consumers, investors, businesses and markets.”
About this, they explain:
“Inadequate anti-money laundering and combating the financing of terrorism (AML/CFT) regulation, oversight, and enforcement by other countries challenges the ability of the United States to investigate illicit digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset transaction flows that often jump overseas, as is often the case in ransomware ransomware is a type of malware used by hackers to steal or encrypt their victims’ files to extort them for a ransom in exchange for file decryption or restoration. payments and other cybercrime-related money laundering. Frictions make cross-border payments and remittances slow and costly, particularly when sent to developing or emerging economies.”
Objetivos del marco
Specifically, the framework is guided by the major policy objectives of the United States and is designed to reflect the international aspects of its work:
- Protect consumers, investors and businesses in the United States and around the world by promoting technology and regulatory standards that reflect U.S. values;
- Protect U.S. and global financial stability and mitigate systemic risk;
- Mitigate illicit finance and national security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. risks posed by the misuse of digital assets and counter and respond to foreign adversaries’ efforts to push standards and promote their protocols;
- Strengthen U.S. leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets and by advancing technology and regulatory standards that align with U.S. values;
- Promote access to safe and affordable financial services; and
- Support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. technological advances that promote the development and responsible use of digital assets by advancing research and relationships that enhance shared learning.
In addition, the report indicates that the United States will continue to engage with the G7 (group of 7 nations with 58% of the world’s wealth). “on the broad set of issues related to digital payments, including the roles of the public and private sector in the creation and movement of money, CBDC-related considerations, and the implications of new technologies. on the international monetary system.”
He also says the U.S. will work through the G20 (Group of the world’s major powers) “ to engage with other major economies to lead in reducing cross-border payment challenges for a diverse set of use cases and jurisdictions; identify the financial stability risks of digital assets; promote and, where necessary, push for stronger regulatory, supervisory and other financial sector policies for digital assets; and share experiences on the macro-financial challenges associated with digital assets.”
Also, the U.S. will continue to turn to the Financial Stability Board (FSB), al International Monetary Fund , al World Bank, al Financial Action Task Force (FATF) and to the Egmont Group of Financial Intelligence Units (FIU) among other international bodies, to address these issues.
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