US White House releases an extended form of crypto regulation framework
The first time a comprehensive crypto regulation framework came to light after the huge efforts of 9 agencies of Federal.
As all of us know very well that US president Joe Biden signed & approved the Executive Order On Crypto Space in March of this year. However few people supported the Executive order as a new step to bring clarity to the crypto industry but some people claimed that it will spy the all participants in the crypto space and government agencies will only get the power to interfere in this new market.
On 16 September, a fact sheet was released by the White House on their official website, which consisted of seven sections, which are (1) Protecting Consumers, Investors, and Businesses; (2) Promoting Access to Safe, Affordable Financial Services; (3) Fostering Financial Stability; (4) Advancing Responsible Innovation; (5) Reinforcing Our Global Financial Leadership and Competitiveness; (6) Fighting Illicit Finance and (7) Exploring a U.S. Central Bank Digital Currency (CBDC).
All these sections are thoroughly analyzed and studied by the respective Federal agencies to ensure that crypto adoption should surge but with the security of funds of crypto Investors and keeping the bad actors away.
It is worth noting that the majority of the sections are not new to this Crypto Community because these things have already been heard many times. For example section (1) is the most common statement passed by the United States Securities and Exchange Commission (SEC) and Commodities regulatory body CFTC.
Section (2) is targeting those crypto networks or projects of this innovative industry, which are responsible for huge environmental pollution like Proof-of-work consensus-based Cryptocurrencies & high-level NFTs projects.
So far no negative impact has been seen in the crypto industry because of this 7-section-based facts sheet of the White House but it will be interesting to see the future outcomes because of the future crypto regulation framework of the US.
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