Context: Digital Assets -- WH Framework for Responsible Development (9.16.22)
https://www.aeaweb.org/forum/3041/digital-framework-responsible-development-treasury-commerce
Reports and Statements:
1) OSTP: Technical Possibilities for a U.S. Central Bank Digital Currency
https://www.whitehouse.gov/ostp/news-updates/2022/09/16/technical-possibilities-for-a-u-s-central-bank-digital-currency/
2) Treasury reports pursuant to Sections 4, 5 and 7 of President Joe Biden’s Executive Order 14067 on Ensuring Responsible Development of Digital Assets
https://home.treasury.gov/news/press-releases/jy0956
Section 4: The Future of Money and Payments
https://home.treasury.gov/system/files/136/Future-of-Money-and-Payments.pdf
Remarks on Sec. 4 report by Under Secretary for Domestic Finance Nellie Liang During Webinar Hosted by Harvard Kennedy School’s Mossavar-Rahmani Center for Business and Government:
https://home.treasury.gov/news/press-releases/jy0964
Section 5: Implications for Consumers, Investors, and Businesses
https://home.treasury.gov/system/files/136/CryptoAsset_EO5.pdf
Section 7: Action Plan to Address Illicit Financing Risks of Digital Assets
https://home.treasury.gov/system/files/136/Digital-Asset-Action-Plan.pdf
Treasury invites comments on the digital-asset-related illicit finance and national security risks as well as the publicly released action plan to mitigate the risks. Comments must be received on or before November 3, 2022.
https://www.aeaweb.org/forum/3055/addressing-digital-related-illicit-national-security-treasury
Remarks by Under Secretary for Domestic Finance Nellie Liang at the Brookings Institution
https://home.treasury.gov/news/press-releases/jy0972
3) Financial Stability Oversight Council -- Report on Digital Asset Financial Stability Risks and Regulation
https://home.treasury.gov/news/press-releases/jy0986
The Financial Stability Oversight Council (Council) today released its Report on Digital Asset Financial Stability Risks and Regulation. The Council voted to approve the report in response to Section 6 of President Biden’s Executive Order 14067, “Ensuring Responsible Development of Digital Assets.”
As called for by the Executive Order, the report reviews financial stability risks and regulatory gaps posed by various types of digital assets and provides recommendations to address such risks.
“This report provides a strong foundation for policymakers as we work to mitigate the financial stability risks of digital assets while realizing the potential benefits of innovation,” said Secretary of the Treasury Janet L. Yellen. “It is an important contribution to the set of reports that Treasury and our interagency partners have produced as part of President Biden’s executive order. The report concludes that crypto-asset activities could pose risks to the stability of the U.S. financial system and emphasizes the importance of appropriate regulation, including enforcement of existing laws. It is vital that government stakeholders collectively work to make progress on these recommendations.”
4) Commerce: Responsible Advancement of U.S. Competitiveness in Digital Assets
Today, following the release of the Department’s Responsible Advancement of U.S. Competitiveness in Digital Assets report, U.S. Secretary of Commerce Gina M. Raimondo issued the following statement:
“The Department’s framework reflects many months of interagency collaboration, public feedback, and research focused on examining key questions facing U.S. economic competitiveness as it relates to advancements in digital assets, including the financial regulatory landscape, U.S. digital asset firms’ international presence, research and development, and potential opportunities for inclusion of underserved populations, among others.
“The framework rests on four pillars. First, the Department supports effective regulatory approaches to address regulatory gaps and support the foundation of a healthy market that fosters competition and responsible innovation in digital assets. Second, the framework highlights the importance of international engagement and trade promotion activities to help cement U.S. industry leadership while also creating new commercial opportunities. Third, meaningful public-private engagement will ensure that digital asset stakeholders across sectors and Federal departments and agencies can regularly meet to discuss issues of import and identify areas where coordination may need to occur. And, finally, the framework acknowledges that sustained U.S. leadership in technological research and development will be key to ensuring future U.S. competitiveness in digital assets and beyond.
“The framework offers a path forward to promote U.S. competitiveness, responsible innovation, and leadership in digital assets. I look forward to engaging with government partners, industry, consumer groups, universities, and civil society as we implement the framework.”
https://www.commerce.gov/news/press-releases/2022/09/statement-us-secretary-commerce-gina-m-raimondo-responsible-advancement
5) NSF statement on White House Framework for Responsible Development of Digital Assets
https://beta.nsf.gov/tip/updates/nsf-statement-white-house-framework-responsible-development-digital-assets