Joe Biden Issues Crypto Framework To Regulate, The First Of Its Kind In The Country
The overall crypto market is striving for a bull run as the global crypto market cap has lost $1 trillion level. The majority of the cryptocurrencies are trading red and this bear market is led by Bitcoin.
Amidst such high volatility, today, September 16, the White House has introduced the pioneering framework for Crypto to gain more control over financial assets. This will reveal how the crypto regulations in the US will appear.
The reports claim that the framework includes how the financial market should proceed in the country and how it can contribute to making borderless transactions easy and better. It’s just not that, the framework also contains the strategies to use to put an end to crypto fraud.
Ways To Regulate Crypto In The US
This framework was created with the help of an executive order which was released in March 2022. As per the executive order, it will accept and regulate virtual currencies in the country along with promoting central bank digital currency (CBDC). Today, the US president, Joe Biden asked federal agencies to go through the ratio between the risks and benefits of cryptocurrencies.
Though there is no mention of any particular authority to look after this category, this gives more authority to the regulators like SEC and CFTC. However, the new reports indicate that there is a demand for the financial authorities to look for illegal activities and eliminate them.
As per the reports, the framework also mentions that there is a possibility of gaining some benefits from central bank digital currency (CBDC) which will be issued by the United States government.Source