Cryptocurrency: USA White House Framework Designed to Kill Crypto, Supplant With Fake

grarpamp grarpamp at
Fri Sep 16 16:58:12 PDT 2022

Remember when cryptos told you to fight and adopt well before
the coming war on crypto... but what did you do besides wank
to shitcoins, you are so far years behind when you should have
won by now, now you have to work 10x harder to win,
best get on that...

White House Releases 'First Ever' Comprehensive Crypto Regulatory Framework

Tl; dr: Bitcoin bad, CBDC good...

Following U.S. President Biden’s executive order, the White House
published a framework for CBDC development and strict regulation of
the ecosystem.

The White House has published a legal framework for engaging with
bitcoin and cryptocurrencies in the U.S. following a “whole of
government” executive order (E.O.) from President Joe Biden earlier
this year, per an official press release. The framework consists of
seven sections:

    (1) Protecting Consumers, Investors, and Businesses;

    (2) Promoting Access to Safe, Affordable Financial Services;

    (3) Fostering Financial Stability;

    (4) Advancing Responsible Innovation;

    (5) Reinforcing Our Global Financial Leadership and Competitiveness;

    (6) Fighting Illicit Finance;

    (7) Exploring a U.S. Central Bank Digital Currency (CBDC).

The “Ensuring Responsible Development of Digital Assets” E.O. called
on government agencies to produce varying forms of research regarding
consumer privacy and protection, energy usage, and central bank
digital currency (CBDC) benefits and risks.

In accordance with the research provided, the White House intends to
empower the Securities and Exchange Commission (SEC) and the
Commodities Futures Trading Commission (CFTC) to “aggressively pursue
investigations” in the digital asset space.

Additionally, Biden’s administration will push the Consumer Financial
Protection Bureau (CFPB) and the Federal Trade Commission (FTC) to
“redouble their efforts to monitor” the ecosystem as it relates to
“unfair, deceptive, or abusive practices.”

However, it is unclear what enables the determination of whether or
not these agencies will begin monitoring for the aforementioned
malicious behavior.

Continuing on, the framework also calls on agencies to begin accepting
“instant payment systems,” such as FedNow and the consideration of
regulating non bank payment providers.

Furthermore, the National Science Foundation (NSF) will research
“technical and socio-technical disciplines and behavioral economics”
in order to understand digital asset ecosystems.

Following a recent report from the White House Office of Science and
Technology Policy (OSTP), the Department of Energy (DoE) and the
Environmental Protection Agency (EPA) are being tasked with “tracking
digital assets’ environmental impacts; developing performance
standards as appropriate; and providing local authorities with the
tools, resources, and expertise to mitigate environmental harms.”

In addition, the Bank Secrecy Act will be amended to apply to digital
assets, leading to larger fines for unlicensed money transfers and
stricter enforcement against digital asset service providers.

Also, the U.S. Treasury department will complete a risk assessment as
it relates to decentralized finance (De-Fi).

Finally, and perhaps most importantly, Biden’s administration has
developed “Policies for a U.S. CBDC System,” which details the
government’s priorities as it relates to the release of a digital
dollar. However, the release states that “further research is needed”.

Agencies that were chosen to lead the ongoing working group for the
research and possible development of a CBDC include the Federal
Reserve, the National Economic Council, the National Security Council,
the Office of Science and Technology Policy, and the Treasury

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