On Thursday, The US Treasury Department uploaded a fact sheet which explained the collaboration with foreign regulators and how they’re going to do it. This is all done in an effort to curtail the wrongdoings in the crypto industry.
The sheet is a result of an executive order on crypto issued by President Joe Biden. The framework will allegedly ensure respect for America’s core democratic values. The executive order was related to consumer, investor and business protection and the well-being of the global financial system.
“The United States must continue to work with international partners on standards for the development of digital payment architectures and CBDCs (central bank digital currencies) to reduce payment inefficiencies and ensure that any new payment systems are consistent with U.S. values and legal requirements,” the fact sheet detailed.
The policy objectives of the framework include supporting technological advancement and “reinforcing U.S. leadership in the global financial system,” and reducing the potential use of crypto for illicit finance.
The US will also encourage the adoption and implementation of international guidelines through regional and bilateral arrangements. The administration will also seek to limit duplication, encourage work that is maintained within its primary stakeholders, and ensure coordination. The treasury department thinks that the US should hold forums and involve itself in international “engagements.”