The US Treasury creates a "Framework" for global cryptocurrency regulation

A fact sheet outlining how it might collaborate with foreign regulators to address the cryptocurrency industry was released by the U.S. Treasury Department on Thursday.

The framework is "is intended to ensure that ... America's core democratic values are respected," according to the fact sheet, which is the department's first report following U.S. President Joe Biden's executive order on cryptocurrencies. It specifically mentions interoperability, consumer, investor, and business protection, as well as the security of the global financial system.


The policy goals of the framework, according to the fact sheet, also include preventing the use of cryptocurrency for nefarious purposes, enhancing financial services accessibility, fostering technological advancement, and "reinforc[ing] U.S. leadership in the global financial system."

The fact sheet stated that "the United States must continue to work with international partners on standards for the development of digital payment architectures and CBDCs (central bank digital currencies) to reduce payment inefficiencies and ensure that any new payment systems are consistent with U.S. values and legal requirements."


The document noted that this work should take care of those issues.


"TAdditionally, the United States will promote the adoption and implementation of international standards through bilateral and regional engagements. Across all engagements the United States will seek to ensure a coordinated message, limit duplication and encourage that work is maintained within its primary stakeholders," the report stated.


The fact sheet stated that the Treasury Department recommended holding "engagements" and other forums to support this work.


Last month, the Justice Department released its reply to Biden's directive on digital assets.

By fLEXI tEAM