Crypto

Is September 5th a black day for bitcoin and cryptocurrencies in the US?

Expected Responses: The White House issued an executive order on March 9th. Joe Biden then requested seven digital asset reports from various agencies, which must submit them by September 5th.

Digital dollar under a magnifying glass of regulators

The three main institutions are responsible for providing answers to questions related to Central Bank Digital Currencies (MNBC). The Treasury pays special attention to issues related to cooperation with the Federal Reserve System (FRS) in this area.

Rather, the Office of Science and Technology provides a technical analysis of the difficulties of launching a CBDC and the likelihood of such a project being successful.

Not surprisingly, regulatory topics are the responsibility of the Department of Justice, which is legally assessing whether or not a new law is passed by Congress in order to be able to concretize the launch of MNBC. .

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Less Blur, More Clarity Digital Assets

These three institutions are also required to submit a report on digital assets in general. The Treasury, along with key regulators, will talk about the risks and benefits of digital assets in the markets and in payments.

The Office of Science and Technology Policy will shed light on the place of cryptocurrencies in the energy transition.

In cooperation with the Department of Treasury and the Department of Homeland Security, the Department of Justice will clarify the role of the authorities in the area of ​​“detecting, investigating and prosecuting criminal activity related to digital assets.”

Last but not least, the Department of Commerce is also being asked to propose a framework to improve the competitiveness of the United States in digital asset technologies.

Agencies have already provided some responses before the deadline. These reports are likely to provide more specific answers regarding the general direction of MNBC regulation in the US and cryptocurrencies.

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