Joe Biden, the President of the United States, has been keen on regulating cryptocurrencies and bringing it under the ambit of a consolidated control exercised by the various American departments and agencies. This was reflected when earlier this year POTUS announced via an official order that his administration is planning and developing laws revolving around modern fintech. Whether this digital assets-related order would be progressive or regressive for crypto users has been up in the air since then.
A Global Effort To Responsibly Manage Crypto
As a follow-up to the order, the Treasury of the United States has devised a set of crypto-restrictive policies aimed at responsible management of cryptocurrencies. This move would see the US regulators cooperating with nations around the globe to ensure multiple goals. Among them are alleviation of crypto-associated threats and the welfare of both the American and international financial fabric. The country also hopes on being a pioneer at the crossroads of worldwide fintech. It has laid emphasis on securing the interests of users who frequently engage with online assets and is now inevitably bound to impact cryptocurrency users as well. A matter that has been cropping up in most countries lately is the establishment of a centrally-operating bank for mandating digital currencies. This is also going to be a game-changer in the crypto arena for the United States.
The report said that the American lawmakers aim to eliminate difficulties posed by the potential illicitness of crypto. By teaming up with agencies of governments across the world, the Unites States plans to bring crypto under the purview of law with unified efforts. It will also be consulting with the policies of IMF and the World Bank. By ensuring globally unanimous standards, they plan to clampdown on finance-based terrorism and the rise of cybercrime-centric problems such as tax evasion. This multinational approach is meant to enhance fintech development while also making crypto invention fall under an international net of legal restrictions. The policies affirm to reinforce strong American democratic principles in this bid to make the services of safely-operating finance easily available to all.