United States of America: Adopted White House Framework for Responsible Development of Digital Assets

On 16 September 2022, the US White House released a fact sheet on the Comprehensive Framework for Responsible Development of Digital Assets detailing recommendations and plans regarding the development of digital assets. The Framework highlights that the Administration intends to encourage regulatory and law enforcement agencies to issue guidance and rules to address risks in the digital asset ecosystem and encourage regulators such as the Securities and Exchange Commission and the Federal Trade Commission to pursue investigations and enforcement actions against unlawful practices concerning digital assets. The Framework also seeks to promote access to safe and affordable financial services by supporting innovative payment technologies, creating a federal framework on nonbank payment providers, and encouraging research to ensure that digital asset ecosystems are inclusive and accessible. The Framework states that the Office of Science and Technology Policy will develop a Digital Assets Research and Development Agenda to foster research on topics including cryptography, privacy and cybersecurity, and the mitigation of environmental impacts of digital assets. The Framework further recognizes the possibility of a U.S. Central Bank Digital Currency (CBDC) and states that a working group will consider the potential implications of a U.S. CBDC.