Last week the U.S. Department of the Treasury (Treasury) published three reports pursuant to President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets. The reports address the future of money and payment systems, consumer and investor protection, and illicit finance risks. According to a statement by Secretary of the Treasury Janet L. Yellen, the reports "provide a strong foundation for policymakers as we work to realize the potential benefits of digital assets and to mitigate and minimize the risks." The BakerHostetler Blockchain and Digital Assets team will publish alerts analyzing each of the three reports over the course of the coming weeks.
Also last week, pursuant to the same executive order, Treasury filed a Request for Comment (RFC) seeking "feedback from the American people on the illicit finance and national security risks posed by digital assets." The RFC asks for input on issues related to digital assets in the areas of illicit finance risks, anti-money laundering (AML) and counter-terrorist financing (CFT) regulation and supervision, global implementation of AML/CFT standards, private sector engagement and AML/CFT solutions, and central bank digital currencies. The RFC will be open for comment through Nov. 3, 2022.
For more information, please refer to the following links:
- Statement from Secretary of the Treasury Janet L. Yellen on the Release of Reports on Digital Assets
- U.S. Department of the Treasury Report: The Future of Money and Payments Report Pursuant to Section 4(b) of Executive Order 14067
- U.S. Department of the Treasury Report: Crypto-Assets: Implications for Consumers, Investors, and Businesses
- U.S. Department of the Treasury Report: ACTION PLAN TO ADDRESS ILLICIT FINANCING RISKS OF DIGITAL ASSETS
- Treasury Seeks Public Input on Illicit Finance, National Security Risks Posed by Digital Assets
- Ensuring Responsible Development of Digital Assets; Request for Comment
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