The White House has published a factsheet on six principal directions for crypto regulation on 16 September, summarizing nine separate reports submitted to the president to “articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad.” The fact sheet contains 7 sections: (1) Protecting Consumers, Investors, and Businesses; (2) Promoting Access to Safe, Affordable Financial Services; (3) Fostering Financial Stability; (4) Advancing Responsible Innovation; (5) Reinforcing Global Financial Leadership and Competitiveness; (6) Fighting Illicit Finance and (7) Exploring a U.S. Central Bank Digital Currency (CBDC). It reveals the White House‘s plan to call upon Congress to amend the Bank Secrecy Act, anti-tip-off statutes and laws against unlicensed money transmitting to apply explicitly to digital asset service providers, including exchanges and non-fungible token platforms. Another important message from the White House is that the policy objectives for a U.S. CBDC system have already been developed, but further research and development on the technology that would support the system is needed.
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