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Chainanalysis Breaks Down the White House Framework on Crypto

Chainanalysis | Clark Flynt-Barr | Sep 27, 2022

White house in the day - Chainanalysis Breaks Down the White House Framework on Crypto

Recently, the White House released the first-ever comprehensive framework for the responsible development of digital assets. This follows President Biden’s March 2022 Executive Order (EO) that outlined a series of policy objectives for the U.S. with respect to digital assets and called for the development of the framework and necessary inter-agency coordination.  In total, the framework included a series of reports, legislative proposals, future frameworks, and commitments for future reports.  The reports that have been released thus far:

Illicit Financing

  • Government agencies are increasingly building their capacity to investigate and prosecute crimes involving the illicit use of cryptocurrency
  • Public-private partnerships are key to success in this space
  • There are still a number of challenges that investigators and prosecutors face
    • disparities among legal frameworks for cryptocurrency businesses around the world.
    • different record keeping standards and anti-money laundering/countering the financing of terrorism (AML/CFT) standards for cryptocurrency businesses abroad as a challenge that can impede or stall criminal investigations.

Protecting Consumers

  • U.S. government agencies should continue to pursue illicit activity in this space and bring enforcement actions where appropriate,
  • agencies should use their existing authorities to issue supervisory guidance and rules, and
  • the U.S. should work to ensure consumers have access to trustworthy information about crypto assets.

See:  White House Releases Comprehensive Framework for Digital Assets Highlighting 6 Key Priorities

Competitiveness

  • The report lays out a framework and proposed actions for fostering U.S. competitiveness in digital assets. There is a real opportunity for the U.S. to lead in this space, and it will be interesting to see how the administration acts on some of the items outlined in the report, including highlighting U.S. digital asset firms’ work in international fora;
  • promoting greater workforce development; and
  • pushing for the development of a Digital Assets R&D Agenda.
  • The United States has built and facilitated the safest and most mature financial system in the world and we have an opportunity to lead here again. The U.S. must embrace blockchain and web3 technology in order to maintain economic dominance and ensure its national security.

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NCFA Jan 2018 resize - Chainanalysis Breaks Down the White House Framework on CryptoThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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