This article comes fromDecrypt, original author: Tim Hakki

Odaily Translator | Nian Yin Si Tang

This article comes from, original author: Tim HakkiOdaily Translator | Nian Yin Si Tang

The White House released today the "First Responsible Digital Asset DevelopmentComprehensive framework(First-Ever Comprehensive Framework for Responsible Development of Digital Assets), outlining the conclusions and recommendations of various federal agencies following a six-month study of the cryptocurrency industry.

The directive to study cryptocurrencies was signed by President Biden in March of this year

executive order

issued in. Like the executive order, today’s “comprehensive framework” doesn’t create any new legislation, but it does provide a clearer vision for U.S. cryptocurrency regulation.

The new framework builds on research from nine reports submitted to the president since the order was issued and claims to reflect "input and expertise from various stakeholders in government, industry, academia and civil society."

Their concerns are broad, and the recommendations go beyond the obvious (such as consumer protection, the environment, and national security) and go a step further by encouraging the private sector to innovate and collaborate at an international level, cementing the U.S.’s role as the global cryptocurrency frontrunner .

The framework is divided into "protecting consumers, investors and businesses", "promoting access to safe and affordable financial services", "promoting financial stability", "advancing responsible innovation", "strengthening our global financial leadership and Competitiveness”, “Combating Illicit Finance” and “Exploring the US Central Bank Digital Currency (CBDC)” and other chapters.

The framework gives regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) the green light to continue their coordinated efforts to enforce laws in the industry and share data on consumer complaints in the space.

The U.S. Department of the Treasury will play an active role in working with financial institutions to help identify and mitigate cyber risks through data sharing and analysis. The firm is also tasked with working with regulators to ensure that cryptocurrency companies receive regulatory guidance.

Treasury will extend this role to U.S. allies through international organizations such as the Organization for Economic Co-operation and Development (OECD) and the Financial Stability Board (FSB).

The U.S. Department of the Treasury expects to complete its assessment of the risk of illicit financing of decentralized finance by the end of February 2023, and its assessment of NFT by July 2023.

President Biden himself will have to decide "whether to call on Congress to amend the Bank Secrecy Act, anti-whistleblowing statutes, and laws banning undocumented money transfers to explicitly apply to digital asset service providers -- including digital asset exchanges and NFT platforms. Biden is also examining whether to push Congress to increase penalties for trading without a license, as well as possibly amending certain federal regulations to allow the Justice Department to prosecute digital asset crimes in any jurisdiction where victims of those crimes are found.

Today’s fact sheet acknowledges that there are “opportunities” to ensure that blockchain technology is consistent with “a net-zero emissions economy and improved environmental justice.”

Earlier this month, the White House Office of Science and Technology Policy said cryptocurrency miners should reduce greenhouse gas emissions and suggested that Congress might consider legislation to "limit or eliminate" high-energy-intensity consensus mechanisms, an apparent move in the wake of Refers to Bitcoin's proof-of-work (PoW) mechanism.

The report also mentions a "potential U.S. CBDC," noting that it has many far-reaching potential benefits in terms of technology, economy, security and personal freedom, could make payment systems more efficient, provide a basis for further technological innovation, and facilitate faster cross-border transactions, and are environmentally sustainable, can promote financial inclusion and equity by serving a wide range of consumers. But such efforts are limited to a set of policy goals for a U.S. CBDC, and an “interagency task force” led by the Treasury Department to “consider the potential impact of a U.S. CBDC, draw on cross-government technical expertise, and share information with partners.” ".