{"id":7198,"date":"2022-09-17T14:56:55","date_gmt":"2022-09-17T14:56:55","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=7198"},"modified":"2022-09-17T14:56:56","modified_gmt":"2022-09-17T14:56:56","slug":"white-house-releases-first-ever-framework-for-digital-asset-development-crypto-industry-leader-says-recommendations-are-unclear","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7198","title":{"rendered":"White House Releases &#8216;First-Ever&#8217; Framework for Digital Asset Development \u2014 Crypto Industry Leader Says Recommendations Are Unclear"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The White House has now released what it called its \u201cfirst-ever\u201d comprehensive framework for the responsible development of digital assets just over six months after U.S. President Joe Biden signed an executive order on the same matter. However, one crypto industry leader has lamented the lack of clarity and understanding of the technology in the White House\u2019s fact sheet. <\/strong><\/p>\n<h2>Reinforcing United States Leadership in the Global Financial System<\/h2>\n<p>Just over six months after U.S President Joe Biden signed an Executive Order (EO) outlining the government\u2019s multi-pronged approach toward digital assets, the White House, on September 16, unveiled what it termed the \u201cfirst-ever comprehensive framework for digital asset development.\u201d<\/p>\n<p>Explaining the Biden administration\u2019s decision to release the framework, the White House said while digital currencies may have the potential to \u201creinforce the U.S. leadership in the global financial system,\u201d they still pose risks to investors and consumers as evidenced by the crypto market\u2019s crash in May.<\/p>\n<p>Therefore, to protect millions of people, including United States residents that have acquired digital assets, U.S government agencies have developed frameworks that advance six key priorities identified in the EO. The six key priorities identified in the March 9 EO are consumer and investor protection, financial stability, countering illicit finance, the United States\u2019 leadership in the global financial system, financial inclusion, and responsible innovation.<\/p>\n<p>According to the White House fact sheet, nine reports articulating a \u201cclear framework for responsible digital asset development and [paving the] way for further action at home and abroad\u201d have since been submitted to President Biden. In addition to advocating for orderly digital asset development, the nine reports are also said to identify roles government agencies must play to help American companies.<\/p>\n<p>\u201cThe reports call on agencies to promote innovation by kickstarting private-sector research and development and helping cutting-edge U.S. firms find footholds in global markets. At the same time, they call for measures to mitigate the downside risks, like increased enforcement of existing laws and the creation of commonsense efficiency standards for cryptocurrency mining,\u201d the White House\u2019s fact sheet reads.<\/p>\n<p>Besides focusing on privately created or issued digital currencies, the nine reports, according to the White House, also encourage the U.S. Federal Reserve \u201cto continue its ongoing CBDC [central bank digital currency] research, experimentation and evaluation.\u201d They also call for the \u201ccreation of a Treasury-led interagency working group to support the Federal Reserve\u2019s efforts.\u201d<\/p>\n<h2>Perceived Lack of Clarity<\/h2>\n<p>Meanwhile, in her reaction to the White House\u2019s publishing of the fact sheet, Sheila Warren, the CEO of the Crypto Council for Innovation, lamented the lack of clarity and understanding of the technology in some of the recommendations made. She noted:<\/p>\n<p>This is surprising given the clear instructions from the EO and work from Members of Congress to move things forward. Regulation by enforcement is not regulatory clarity. If we regulate by enforcement, it also gives other countries a runway to figure out how the tech works for their interests, which may be contrary to those of the U.S.<\/p>\n<p>To back her assertions, Warren referred to a September 15 U.S. Senate Committee hearing convened to review the Digital Commodities Consumer Protection Act. According to the CEO, leaders at the hearing \u201cseemed worried about other countries overtaking the U.S.\u201d<\/p>\n<p>In concluding her remarks, Warren said her organization stands ready to help U.S. lawmakers understand the digital asset industry which she called \u201ca complex and nuanced space.\u201d<\/p>\n<p>Tags in this story<\/p>\n<p>biden executive order, central bank digital currency, Crypto Council for Innovation, cryptocurrency mining, Digital Assets, Digital Commodities Consumer Protection Act, financial inclusion, global financial system, Sheila Warren, Terra LUNA and UST fallout, U.S. Federal Reserve, U.S. President Joe Biden, White house<\/p>\n<p><strong><em>What are your thoughts on this story? Let us know what you think in the comments section below. <\/em><\/strong><\/p>\n<p>Terence Zimwara <\/p>\n<p class=\"article__body__author__info__about\">\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.<\/p>\n<p><i class=\"td-icon-font td-icon-linkedin\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-telegram\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/white-house-releases-first-ever-framework-for-digital-asset-development-crypto-industry-leader-says-recommendations-are-unclear\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House has now released what it called its \u201cfirst-ever\u201d comprehensive framework for the responsible development of digital assets just over six months after U.S. President Joe Biden signed an executive order on the same matter. However, one crypto industry leader has lamented the lack of clarity and understanding of the technology in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-7198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7198"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7198\/revisions"}],"predecessor-version":[{"id":7200,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7198\/revisions\/7200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7199"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}