White House Releases First-Ever Comprehensive Framework For Responsible Development of Digital Ass…
Gunnar Larson
g at xny.io
Fri Sep 16 08:32:00 PDT 2022
---------- Forwarded message ---------
From: Blockstar Advisors <blockstar at substack.com>
Date: Fri, Sep 16, 2022, 11:25 AM
Subject: Blockstar Blog: White House Releases First-Ever Comprehensive
Framework For Responsible Development of Digital Ass…
To: <g at xny.io>
Key highlights from the WH press release early Friday and what they mean
for the industry
Open in browser
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Blockstar Blog: White House Releases First-Ever Comprehensive Framework For
Responsible Development of Digital Assets
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highlights from the WH press release early Friday and what they mean for
the industry
<https://substack.com/redirect/bc2f7208-05ab-4661-80a7-d628891158bf?r=1p5v0z>
Blockstar Advisors
<https://substack.com/redirect/bc2f7208-05ab-4661-80a7-d628891158bf?r=1p5v0z>
Sep 16
<https://substack.com/app-link/post?publication_id=420844&post_id=73616867&utm_source=substack&isFreemail=true&submitLike=true&token=eyJ1c2VyX2lkIjoxMDI3MzAwNjcsInBvc3RfaWQiOjczNjE2ODY3LCJyZWFjdGlvbiI6IuKdpCIsImlhdCI6MTY2MzM0MTc4OSwiZXhwIjoxNjY1OTMzNzg5LCJpc3MiOiJwdWItNDIwODQ0Iiwic3ViIjoicmVhY3Rpb24ifQ.5e5GxqnMK8sUp_jHysp3_2zgzRxwtBHqMELWjmp5hWw&utm_medium=email>
<https://substack.com/app-link/post?publication_id=420844&post_id=73616867&utm_source=substack&utm_medium=email&isFreemail=true&comments=true&token=eyJ1c2VyX2lkIjoxMDI3MzAwNjcsInBvc3RfaWQiOjczNjE2ODY3LCJpYXQiOjE2NjMzNDE3ODksImV4cCI6MTY2NTkzMzc4OSwiaXNzIjoicHViLTQyMDg0NCIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.FAZ73S5ZCL2XmC3XsDT4KHpwpzlaB7-iHkeE3gIwNdU&utm_source=substack&utm_medium=email>
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[image: FACT SHEET: White House Releases First-Ever Comprehensive Framework
for Responsible Development of Digital Assets - The White House]
<https://substack.com/redirect/2ea42197-a393-47e0-b693-3ed1301ac891?r=1p5v0z>
The White House released a framework early Friday morning on the
responsible development of digital assets. Following President Biden’s
executive order in March, the administration has now released their
framework for digital asset development in the United States. Regardless of
the initial sentiment from the first-ever whole-of-government review on the
developing asset class, the acknowledgement by the United States and other
World Powers of digital assets as a mainstay to our society is nothing
other than bullish.
Among the key highlights are investor protection, national security, and
environmental awareness. Let’s take a look at the details of this release
and understand the stance on digital assets of the current Administration.
------------------------------
*Consumer, Business, Investor Protection*
The White House is quick to highlight the risks of digital assets. Among
these risks include high volatility and speculation of market caps, lack of
disclosure and transparency from initial coin offerings, and outright
frauds and scams. The Administration said they plan on taking additional
steps by encouraging increased regulation from governing bodies including
the SEC, CFTC, CFPB, and FTC. The press release states “*The reports
encourage agencies to issue guidance and rules to address current and
emergent risks in the digital asset ecosystem.*” Protecting consumers,
businesses, and investors should be the main focus of governing bodies
presiding over financial markets. Increased securities and protections will
give additional investors peace-of-mind when entering the space and likely
lead to increased adoption.
*Promoting Access to Safe, Affordable Financial Services*
The WH here is quick to highlight one of the main selling points when it
comes to decentralized economies - the lack of central authorities making
determinations on who gets access to certain financial instruments. In
decentralize finance (DeFi), anyone with access to the internet and a
crypto wallet can participate in developing financial economies including
gaining access to lending facilities, trading platforms, and other
financial instruments they otherwise may not qualify for with traditional
banks.
The Administration however cannot highlight these benefits of crypto
without acknowledging the shortcomings in the traditional financial system
that they highlight. As a result, the White House proposes an “*an
instantaneous, 24/7 interbank clearing system that will further advance
nationwide infrastructure for instant payments alongside The
Clearinghouse’s Real Time Payments system*.” This could create competitions
for the industry as a whole, however the acknowledgment of the benefits
only decentralized financial economies can provide is another win for
crypto.
*Advancing Responsible Innovation*
It is no secret that an industry just over 14 years old needs slight
adjustments to its innovation practices. There are always ways to improve.
Here’s what the White House recommended for advancing responsible
innovation.
1.
Developing a Digital Asset Research and Development Agenda in an effort
to advance research on relevant topics such as “*next-generation
cryptography, transaction programmability, cybersecurity and privacy
protections, and ways to mitigate the environmental impacts of digital
assets*.”
2.
Treasury and financial regulators are encouraged to provide
best-in-class practices to promote safety and security among the digital
asset industry.
3.
The Department of Energy, the Environmental Protection Agency, and
others will track the impact of crypto and digital assets in regards to its
impacts on the environment.
4.
The Department of Commerce will look into developing a “*standing forum
to convene federal agencies, industry, academics, and civil society to
exchange knowledge and ideas that could inform federal regulation,
standards, coordinating activities, technical assistance, and research
support.*”
------------------------------
Other notes highlighted in the release include: fostering financial
stability, reinforcing global financial leadership and competitiveness,
fighting illicit finance, and exploring a Central Bank Digital Currency
(CBDC). The full report can be read here
<https://substack.com/redirect/32fdb02f-a8d7-4aa7-9f2f-24c2d2287ddd?r=1p5v0z>
.
Overall, the fact sheet shared by the administration regarding the proper
development of the digital asset industry is a win for the industry as a
whole. Acknowledgement of the development of digital assets and the
benefits they could provide with proper and the *appropriate amount* of
regulation and government oversight is a necessary step to general adoption.
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