The US Treasury has published a framework for international cooperation on crypto interactions with a focus on global cooperation. It will ensure that crypto activity follows America’s core democratic values. The law will protect consumers, investors, and businesses, as well as the safety of global financial and monetary systems.
The framework also focuses on mitigating illicit financial activity and preventing national security risks. It lists the support of technological advancement as a goal. Moreover, the law ensures that the United States remains a leader in financial innovation. As such, it calls for advancing research and relationships that increase shared learning. The US administration will ensure a coordinated message, limit duplication and encourage that work is maintained within its primary stakeholders.
It seems the US is willing to give the crypto industry a chance to develop and flourish, but the Treasury also wants it to adhere to the laws. Regulation and laws, like the new framework, will give a much needed boost to the crypto industry. Governments across the world have been working on similar laws to rope in the digital asset sector which fell to its knees because of the market crash.
Experts highlighted that crypto by nature is unrestricted by borders and jurisdiction. Countries need and want of working together in this area is quite understandable. Together they can enforce the laws and ensure that its adhered to, especially when it comes to cross-border transactions. Following the collapse of Terra’s stablecoin, a global trend is emerging – governments are bringing about some major regulatory changes.
Regulation will surely win the hesitant investors’ heart and make the sector secure.
