A form of digital currency issued and traded on blockchains, stablecoins are pegged to a 'stable', tangible asset such as gold, reserve currencies or government. The special report expands beyond cryptocurrencies such as bitcoin. Considering the need to develop a regulatory framework, it investigates other crypto-. This bill exempts virtual currencies, described as a type of digital representation that is used as a medium of exchange and not recognized as. SPRING PLACE MORAVIAN CEMETERY BETHLEHEM
Stablecoins, in particular, could create disruptive runs if not paired with appropriate regulation. Building on this work, the Administration plans to take the additional following steps: The Treasury will work with financial institutions to bolster their capacity to identify and mitigate cyber vulnerabilities by sharing information and promoting a wide range of data sets and analytical tools.
The Treasury will work with other agencies to identify, track, and analyze emerging strategic risks that relate to digital asset markets. It will also collaborate on identifying such risks with U. Advancing Responsible Innovation U.
Digital asset firms are no exception. The U. It sponsors cutting-edge research, helps firms compete globally, assists them with compliance, and works with them to mitigate harmful side-effects of technological advancement. In keeping with this tradition, the Administration plans to take the following steps to foster responsible digital asset innovation: The Office of Science and Technology Policy OSTP and NSF will develop a Digital Assets Research and Development Agenda to kickstart fundamental research on topics such as next-generation cryptography, transaction programmability, cybersecurity and privacy protections, and ways to mitigate the environmental impacts of digital assets.
It will also continue to support research that translates technological breakthroughs into market-ready products. Additionally, NSF will back social-sciences and education research that develops methods of informing, educating, and training diverse groups of stakeholders on safe and responsible digital asset use.
The Treasury and financial regulators are encouraged to, as appropriate, provide innovative U. Powering crypto-assets can take a large amount of electricity—which can emit greenhouse gases, strain electricity grids, and harm some local communities with noise and water pollution. Opportunities exist to align the development of digital assets with transitioning to a net-zero emissions economy and improving environmental justice.
The Department of Commerce will examine establishing 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. Reinforcing Our Global Financial Leadership and Competitiveness Today, global standard-setting bodies are establishing policies, guidance, and regulatory recommendations for digital assets.
To reinforce U. Agencies will promote standards, regulations, and frameworks that reflect values like data privacy, free and efficient markets, financial stability, consumer protection, robust law enforcement, and environmental sustainability. The State Department, Treasury, USAID, and other agencies will explore further technical assistance to developing countries building out digital asset infrastructure and services.
As appropriate, this assistance may include technical assistance on legal and regulatory frameworks, evidence-gathering and knowledge-sharing on the impacts, risks, and opportunities of digital assets. The Department of Commerce will help cutting-edge U. While our efforts have strengthened the U.
It is in the national interest to mitigate these risks through regulation, oversight, law enforcement action, and the use of other United States Government authorities. To fight the illicit use of digital assets more effectively, the Administration plans to take the following steps: The President will evaluate whether to call upon Congress to amend the Bank Secrecy Act BSA , anti-tip-off statutes, and laws against unlicensed money transmitting to apply explicitly to digital asset service providers—including digital asset exchanges and nonfungible token NFT platforms.
He will also consider urging Congress to raise the penalties for unlicensed money transmitting to match the penalties for similar crimes under other money-laundering statutes and to amend relevant federal statutes to let the Department of Justice prosecute digital asset crimes in any jurisdiction where a victim of those crimes is found. The United States will continue to monitor the development of the digital assets sector and its associated illicit financing risks, to identify any gaps in our legal, regulatory, and supervisory regimes.
As part of this effort, Treasury will complete an illicit finance risk assessment on decentralized finance by the end of February and an assessment on non-fungible tokens by July Relevant departments and agencies will continue to expose and disrupt illicit actors and address the abuse of digital assets.
Such actions will hold cybercriminals and other malign actors responsible for their illicit activity and identify nodes in the ecosystem that pose national security risks. Treasury will enhance dialogue with the private sector to ensure that firms understand existing obligations and illicit financing risks associated with digital assets, share information, and encourage the use of emerging technologies to comply with obligations.
The CFPB, an independent agency, also voluntarily provided information to the Administration as to risks arising from digital assets. The risks that agencies highlight include, but are not limited to, money laundering; terrorist financing; hacks that result in losses of funds; and fragilities, common practices, and fast-changing technology that may present vulnerabilities for misuse.
Exploring a U. CBDC — a digital form of the U. It could enable a payment system that is more efficient, provides a foundation for further technological innovation, facilitates faster cross-border transactions, and is environmentally sustainable.
It could promote financial inclusion and equity by enabling access for a broad set of consumers. But under certain circumstances, the same asset can be offered and sold in a way that causes investors to have a reasonable expectation of profits based on the efforts of others.
For example, if the housing unit is offered with a management contract or other services, it can be a security. Later in the same speech, Mr. Hinman made clear that a digital token that might initially be sold in a transaction constituting the sale of a security, might thereafter be sold as a non-security where the facts and circumstances have changed over time, such that the Howey Test is no longer met.
While such comments are not official policy of the SEC, they are a good indicator of it. If a digital asset is determined to be a security, then the issuer must register the security with the SEC or offer it pursuant to an exemption from the registration requirements. See SEC Rule a 5. GRAMS were to allow customers of the messaging service to use the token as a means of payment for goods and services within the Telegram ecosystem.
In March of , the U. Kik had argued that its private sales were limited to accredited investors, but the court held that even those sales did not qualify for an exemption because its private and public sales were a single integrated offering. The outcome of the Telegram and Kik proceedings has made it incredibly difficult to consummate most token-generating events involving U. Many issuers have opted to exclude U.
With little prospect of legislative action, the hostile environment towards token-generating events in the U. In addition to Federal securities laws, most states have their own laws, referred to as blue sky laws, which are not always preempted by Federal law. Anyone selling digital assets likely to constitute a security should check with counsel about the applicability of blue sky laws. Of particular importance, there are certain exemptions from registration under Federal law that do not preempt the application of state blue sky laws.
It is worth noting that state securities regulators increased their scrutiny of digital assets during
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