Key Takeaways
- The U.S. Treasury has published a fact sheet that outlines the American government’s involvement with global regulators.
- The government has worked with several groups including the G7, the G20, the FATF, and the OECD, among others.
- Today’s publication is the first to come out of the executive order on crypto signed by President Biden in March.
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The U.S. Treasury has published a fact sheet outlining the American government’s involvement with global regulators.
U.S. Is Involved With Several Regulators
Today’s fact sheet includes a framework describing the United States’ work with international bodies on crypto regulation.
The publication notes that the government has been “active in international fora and bilateral partnerships” on various issues.
In particular, it notes that the U.S. has been involved with the G7 on a “broad suite of issues” related to digital payments and central bank digital currencies (CBDCs). With the G20, the U.S. has worked on cross-border payments and other matters.
With the Financial Stability Board (FSB), the U.S. has explored financial stability risks arising from digital asset adoption.
As part of the Financial Action Task Force (FATF), the U.S. is supporting countries that adopt FATF standards for digital assets. It is also working to raise awareness about ransomware and money laundering and is contributing to CBDC policies.
With the Organization for Economic Cooperation and Development (OECD), the U.S. government is discussing risks and best practices for digital assets and improving global tax compliance around cryptocurrencies.
The U.S is also supporting analytics and surveillance work with the International Monetary Fund (IMF). Finally, it is helping the World Bank and multilateral development banks create digital asset-based investment and lending services.
Report Is Result of Executive Order
Today’s report is the first to come out of an executive order on crypto strategy signed by President Joe Biden in March.
That order described an “interagency approach to address the risks and … potential benefits” of digital assets, especially through international activities. This new framework is meant to ensure that international regulations protect consumers, investors, businesses, and financial stability.
Today’s report was published by the Treasury. Other agencies were also involved in its composition, including the Secretary of State, the Secretary of Commerce, and the Administrator of the U.S. Agency for International Development (USAID).
Given the broad scope of the original order, it is likely that these and other agencies will publish more reports in the future.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.