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
- Commerce Department lays out US path to global leadership on digital assets
- Responding to Biden Executive Order, OSTP report addresses climate and energy implications of digital assets and blockchain technology
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.
- Crypto-Assets: Implications for Consumers, Investors, and Businesses issued by the Department of the Treasury (see our analysis above)
- Responsible Advancement of U.S. Competitiveness in Digital Assets issued by the Department of Commerce (see our analysis above)
- Climate and Energy Implications of Crypto-Assets in the United States issued by the White House Office of Science and Technology (see our analysis above)
- How To Strengthen International Law Enforcement Cooperation For Detecting, Investigating, And Prosecuting Criminal Activity Related To Digital Assets issued by the Department of Justice
- The Future of Money and Payments issued by the Department of the Treasury
- Action Plan to Address Illicit Financing Risks of Digital Assets issued by the Department of the Treasury
- The Role of Law Enforcement in Detecting, Investigating, And Prosecuting Criminal Activity Related to Digital Assets issued by the Department of Justice