The US Department of the Treasury has delivered to President a framework on crypto for U.S. government agencies to work with their foreign counterparts.
The Treasury said it had reported on a regulatory framework for cryptocurrencies in consultation with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. Agency for International Development and other government agencies as required by President Biden’s executive order on digital assets issued in March. According to the Treasury Department, the framework aimed to encourage the development of digital assets while respecting “America’s core democratic values” and ensuring the stability and safety of the global financial system and international monetary system.
President Biden’s executive order required the Treasury Department to lead an interagency effort in developing policy recommendations for mitigating risks associated with crypto. The government department cited the need for international cooperation among public authorities the private sector, and other stakeholders given the potential risks to investors with “uneven regulation, supervision, and compliance across jurisdictions.
In terms of international cooperation and coordination, the Treasury Department said it would engage with policymakers and regulators at the G7 on issues related to digital assets, including central bank digital currencies, integrating new technologies into the international monetary system.
