The Biden ‐​Cryptocurrency Reports: Part 3, Implications for Consumers, Investors, and Businesses

Nicholas Anthony andJack SoloweyThe reports mandated by President Biden ’s Marchexecutive order are here and seek to offer a  comprehensive framework for the responsible development of digital assets (commonly known as cryptocurrencies). Asnoted early after the release, however, many of the items were left to be determined. But that doesn ’t mean that the reports should be ignored. This series of blog posts will tease out some of the subtler points from each of the reports released on Friday.Recommendations from the U.S. Department of the TreasuryThe third report, “Implications for Consumers, Investors, and Businesses, ” came from the U.S. Department of the Treasury. The Treasury was tasked with identifying how cryptocurrencies could impact financial markets, payment infrastructure, and economic growth in the United States, as well as making policy recommendations to protect Americans and support expanding acces s to safe financial services. (Section 5(b)(i) ofExecutive Order 14067). To that end, the report offered the following three high ‐​level recommendations to regulators and law enforcement:Monitor the cryptocurrency market for unlawful activity, investigate wrongdoing, and enforce consumer, investor, and market protection laws.Publish supervisory guidance and rules.Ensure the public has access to trustworthy information on cryptocurrency.Let ’s consider some of these recommendations in more detail.To monitor risks and hold criminals accountable, the Trea...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs