Reported by: MacKenzie Sigalos

The Biden White House has just released its first-ever framework on what crypto regulation in the U.S. should look like — including ways in which the financial services industry should evolve to make borderless transactions easier, and how to crack down on fraud in the digital asset space.

The new directives tap the muscle of existing regulators such as the Securities and Exchange Commission and the Commodity Futures Trading Commission, but nobody’s mandating anything yet. The long-awaited direction from Washington has, however, captured the attention of both the crypto industry as a whole — and of investors in this nascent asset class.

The framework follows an executive order issued in March, in which President Biden called on federal agencies to examine the risks and benefits of cryptocurrencies and issue official reports on their findings.

KEY POINTS 

• The Biden White House has just released its first-ever framework on what crypto regulation in the U.S. should look like.
• The framework outlines the ways in which the financial services industry should evolve to make borderless transactions easier, as well as how to crack down on fraud in the digital asset space. 
• The new guidelines follow an executive order issued in March, in which President Biden called on federal agencies to examine the risks and benefits of cryptocurrencies and issue official reports on their findings.

Read full report: https://www.cnbc.com/amp/2022/09/16/heres-whats-in-biden-framework-to-regulate-crypto.html