---------- Forwarded message --------- From: Blockstar Advisors <blockstar@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@xny.io> Key highlights from the WH press release early Friday and what they mean for the industry Open in browser <https://substack.com/app-link/post?publication_id=420844&post_id=73616867&utm_source=email> <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9ibG9ja3N0YXIuc3Vic3RhY2suY29tL3AvYmxvY2tzdGFyLWJsb2ctd2hpdGUtaG91c2UtcmVsZWFzZXM_dG9rZW49ZXlKMWMyVnlYMmxrSWpveE1ESTNNekF3Tmpjc0luQnZjM1JmYVdRaU9qY3pOakUyT0RZM0xDSnBZWFFpT2pFMk5qTXpOREUzT0Rrc0ltVjRjQ0k2TVRZMk5Ua3pNemM0T1N3aWFYTnpJam9pY0hWaUxUUXlNRGcwTkNJc0luTjFZaUk2SW5CdmMzUXRjbVZoWTNScGIyNGlmUS5GQVo3M1M1WkNMMlhtQzNYc0RUNEtIcHdwemxhQjctaUhrZUUzZ0l3TmRVIiwicCI6NzM2MTY4NjcsInMiOjQyMDg0NCwiZiI6dHJ1ZSwidSI6MTAyNzMwMDY3LCJpYXQiOjE2NjMzNDE3ODksImV4cCI6MTY2NTkzMzc4OSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.uwz1PfUAjxqNFdiRzPl0ev7sprsRLCK5725NZLs5Nq0?> Blockstar Blog: White House Releases First-Ever Comprehensive Framework For Responsible Development of Digital Assets <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9ibG9ja3N0YXIuc3Vic3RhY2suY29tL3AvYmxvY2tzdGFyLWJsb2ctd2hpdGUtaG91c2UtcmVsZWFzZXM_dG9rZW49ZXlKMWMyVnlYMmxrSWpveE1ESTNNekF3Tmpjc0luQnZjM1JmYVdRaU9qY3pOakUyT0RZM0xDSnBZWFFpT2pFMk5qTXpOREUzT0Rrc0ltVjRjQ0k2TVRZMk5Ua3pNemM0T1N3aWFYTnpJam9pY0hWaUxUUXlNRGcwTkNJc0luTjFZaUk2SW5CdmMzUXRjbVZoWTNScGIyNGlmUS5GQVo3M1M1WkNMMlhtQzNYc0RUNEtIcHdwemxhQjctaUhrZUUzZ0l3TmRVIiwicCI6NzM2MTY4NjcsInMiOjQyMDg0NCwiZiI6dHJ1ZSwidSI6MTAyNzMwMDY3LCJpYXQiOjE2NjMzNDE3ODksImV4cCI6MTY2NTkzMzc4OSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.uwz1PfUAjxqNFdiRzPl0ev7sprsRLCK5725NZLs5Nq0?>Key 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> <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9ibG9ja3N0YXIuc3Vic3RhY2suY29tL3AvYmxvY2tzdGFyLWJsb2ctd2hpdGUtaG91c2UtcmVsZWFzZXM_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.Xbapg6oPvlnFL03tO5cq1BuXQeD_ZvX9On5mTiep79A?> SAVE <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9ibG9ja3N0YXIuc3Vic3RhY2suY29tL3AvYmxvY2tzdGFyLWJsb2ctd2hpdGUtaG91c2UtcmVsZWFzZXM_dXRtX3NvdXJjZT1zdWJzdGFjayZ1dG1fbWVkaXVtPWVtYWlsJnRva2VuPWV5SjFjMlZ5WDJsa0lqb3hNREkzTXpBd05qY3NJbkJ2YzNSZmFXUWlPamN6TmpFMk9EWTNMQ0pwWVhRaU9qRTJOak16TkRFM09Ea3NJbVY0Y0NJNk1UWTJOVGt6TXpjNE9Td2lhWE56SWpvaWNIVmlMVFF5TURnME5DSXNJbk4xWWlJNkluTmhkbVV0Y0c5emRDSjkueDJvVG4yczFoV3V1OGM1b2lxQXdBTDhqQXAzaUlhLUFGUUpCY3RfTzEwVSZhY3Rpb249c2F2ZSIsInAiOjczNjE2ODY3LCJzIjo0MjA4NDQsImYiOnRydWUsInUiOjEwMjczMDA2NywiaWF0IjoxNjYzMzQxNzg5LCJleHAiOjE2NjU5MzM3ODksImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.Xr7F0wtn8_yWeCVO4qiWlRlTEke_m8M0YwPBD_fz-cI?> [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. Thanks for reading Blockstar’s Newsletter! Subscribe for free to receive new posts and support my work. 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