US floats framework for international crypto regulations that cement its power
, which signalled the administration’s desire to ensure that cryptocurrency doesn’t introduce new risks that could harm either individual investors or the wider economy at home and abroad.offers a familiar Biden administration approach by suggesting wide engagement with allies and international institutions to create mutually agreeable arrangements.
Illicit digital asset transaction flows frequently jump overseas, as is often the case in ransomware payments And not just US values: the framework suggests that if America leads discussion of digital assets, especially central bank digital currencies, it will create “opportunities for U.S. companies to lead in the development of these technical systems.”
The framework document also states that the administration sees a role for stabelcoins, or any other form of digital asset that helps to grease the wheel of international trade. Again, international collaboration is suggested as the way to frame appropriate rules.
Another section says the current lack of such regulations “challenges the ability of the United States to investigate illicit digital asset transaction flows that frequently jump overseas, as is often the case in ransomware payments and other cybercrime-related money laundering.”
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