US Treasury Claim The United States needs to work with its global allies to create global cryptographic regulations. The news release states that this is only logical for global and decentralized asset classes. In addition, the Treasury suggested that the United States should be in a leading position in the discussion of central bank tokens.
The announcement states:
“Uneven regulation, supervision, and compliance across jurisdictions create arbitrage opportunities and increase the risk of financial stability and the protection of consumers, investors, businesses, and markets.”
The Treasury has included an international regulatory framework and submitted it to President Biden on July 7. The proposal also nominated various state departments to help prepare global regulations.
United States on CBDC
Some stablecoins are already fixed in the US dollar in the United States. China is currently a leader in the development of the Central Bank Digital Currency (CBDC), and the United States is pondering that idea.
The Federal Reserve Board (FRB) took the first step towards the development of the CBDC in January 2022. The Federal Reserve emphasized that the introduction of the US CBDC would be an important innovation for the US dollar.
It will also increase financial inclusion, expand payment methods and accelerate remittances. However, the department also mentioned some important issues with the CBDC and provided solutions that were not favorably welcomed by the community.
At that time, the Fed also called for an international effort on this issue to address all the potential risks of the CBDC. The Fed said:
“Such international efforts need to continue to address all the issues and challenges posed by digital assets, including financial stability. Consumer and investor protection, and business risk. Money laundering. , Terrorist financing, proliferation financing, sanctions avoidance, and other illegal activities. “
United States on cryptocurrencies
The United States has one of the highest cryptographic adoption rates in the world. According to a recent survey, more than 25% of US investors are taking out loans to invest in cryptocurrencies during the winter.
According to Gemini’s 2022 cryptocurrency status, more than 20% of Americans hold cryptocurrencies report.. Cryptocurrencies are especially popular among high-income families, with nearly 30% saying they have a variety of crypto assets.Adoption rates are also fairly distributed among the genders of all races residing in the United States.
The Biden administration is currently experimenting with cryptographic regulations in terms of regulation. In early June, government officials hinted that the Stablecoin law could come into force by the end of the year. At the same time, some senators are proposing a bill to control cryptocurrencies at the national level.
The government is showing signs of cryptocurrency regulation, but it is also affected by the current bear market.
The US Office of Government Ethics issued a legal warning on July 7 that all civil servants should not hold crypto assets. At the same time, cryptocurrency critics are in the bear market.
