US Treasury plans to review crypto-related regulations to see if they're 'no longer fit for purpose' | Crypto

US Treasury plans to review crypto-related regulations to see if they’re ‘no longer fit for purpose’

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-The United States Department of the Treasury will be calling for comments from the public on digital assets, including their views on how regulations may address the illicit uses of crypto.
-In a document set to be published in the Federal Register on Tuesday, the U.S. Treasury requested public comment on digital-asset-related illicit finance and national security risks as well as the publicly released action plan to mitigate the risks related to President Joe Bidens executive order on crypto from March.
-The department invited the public to share their thoughts on the regulatory obligations the U.S. government had imposed that were no longer fit for purpose as it relates to digital assets as well as offer suggestions for alternative regulations addressing illicit finance risks and vulnerabilities.
-Specifically, the U.S. Treasury asked for potential additional steps it might take in regard to addressing ransomware attacks, illicit finance risks of cryptocurrency mixers and DeFi, and how the government could coordinate Anti-Money Laundering and Combating the Financing of Terrorism policy at the state and federal levels.
-The public has until Nov. 3 to submit comments.
-The request for public comment followed the White House releasing a regulatory framework on digital assets on Sept. 16.
-Many in the space, including crypto advocacy groups, criticized the administration for seemingly focusing on the illicit uses of crypto rather than its potential benefits.

US Treasury plans to review crypto-related regulations to see if they're 'no longer fit for purpose'

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