White House reveals framework for crypto regulation

The White House has revealed a new framework for regulating digital assets like cryptocurrencies. The proposed framework represents the Biden administration's "most significant effort yet" to create a policy for the government regulation of crypto assets, Forbes reports.

The statement released by the White House on Friday seems to be a follow-up to an executive order Biden signed in March, which requested that multiple agencies analyze the pros and cons of digital assets.

The new framework outlines a plan to explore the creation of a digital U.S. dollar, or U.S. Central Bank Digital Currency, which would simplify cross-border transactions.

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The proposed plan also addresses possible risks that crypto users could face. In its statement, the White House implores the Security and Exchange Commission and Commodity Futures Trading Commission to "aggressively pursue" investigations into unlawful practices. It also solicits federal agencies to put more effort into handling consumer complaints concerning deceptive practices by crypto companies.

Additionally, the White House is determined to make the digital economy more equally accessible by endorsing an expanded use of "instant payment services," and establishing regulations for "non-bank" payment platforms.

In another statement released by the White House, National Economic Council Director Brian Deese and National Security Advisor Jake Sullivan said the new proposal would prepare the U.S. to play a "leading role in the innovation and governance of the digital assets ecosystem at home and abroad."