Following President Biden's March 9, 2022 Executive Order on Ensuring Responsible Development of Digital Assets, the U.S. Treasury Department has taken steps toward fulfilling its responsibility under the executive order to assess and develop policy recommendations on digital assets. On July 7, 2022, the Treasury Department issued a fact sheet outlining its framework on international engagement on digital assets, which was written in consultation with the secretary of state, the secretary of commerce, the administrator of the U.S. Agency for International Development and other heads of relevant agencies.
According to the Treasury Department, the goal of the framework is to encourage the development of digital assets while respecting "America's core democratic values"; protecting consumers, investors and businesses; minimizing the misuse of digital assets for illicit finance and national security risks; and maintaining the safety and stability of the global financial and international monetary systems. The announcement also stressed the crucial role international cooperation among public authorities, the private sector and other stakeholders will play in order to maintain high regulatory standards.
The Treasury Department noted that the United States has already been active in international fora on several issues concerning digital assets and intends to expand those relationships and continue working with international partners to develop a regulatory scheme. For example, the Treasury Department stated that the United States will continue to engage with the Group of 7 (G7) on a variety of issues related to digital assets, including the private and public sectors' role in the creation and movement of money, the role of central bank digital currencies, and the implications of new technologies for the international monetary system. Other key relationships the Treasury Department seeks to utilize and expand include the Group of 20 (G20), the Financial Stability Board, the Financial Action Task Force, the Organization for Economic Cooperation and Development, the International Monetary Fund, and the World Bank.
In a press release published on July 12, 2022, the Treasury Department announced that it is requesting public comment from the American people and market participants on the opportunities and risks associated with the development and adoption of digital assets. The request for comment period began on July 8, 2022, and will close on Aug. 8, 2022.
For more information, please refer to the following links:
- Fact Sheet: Framework for International Engagement on Digital Assets
- Treasury Releases Request for Comment on Risks and Opportunities and Presented by Digital Assets
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