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15 October 20223 minute read

White House releases framework for responsible development of digital assets

The White House recently announced release of a "First-Ever Comprehensive Framework For Responsible Development of Digital Assets." This framework referenced a series of nine reports issued in response to President Biden's Executive Order on Ensuring the Responsible Development of Digital Assets.

According to the announcement, these reports collectively "articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad." The announcement includes legislative proposals and commitments for future reports, as well as describes additional actions to be taken by the Biden Administration, including:

  • encouraging regulators " to aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space" and "redouble … efforts to monitor consumer complaints and to enforce against unfair, deceptive, or abusive practices" and
  • considering agency recommendations to "create a federal framework to regulate nonbank payment providers" and evaluate "whether to call upon Congress to amend the Bank Secrecy Act (BSA), anti-tip-off statutes, and laws against unlicensed money transmitting to apply explicitly to digital asset service providers—including digital asset exchanges and nonfungible token (NFT) platforms."

These Insight articles examine three key aspects of the EO:

In overseeing digital assets, the CFTC should use its existing authority, White House fact sheet says

For direct access to the seven reports which have released to date, please click the links below. We are working on analyses of the additional reports and will release the analyses as they become available.