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US Treasury Releases ‘Framework’ for International Cooperation on Crypto Regulation

2 mins
8 July 2022, 12:30 GMT+0000
Updated by Geraint Price
8 July 2022, 12:30 GMT+0000
In Brief
  • The U.S. Treasury published the framework and has delivered it to President Biden.
  • The framework has several objectives and focuses on protecting stakeholders and national security.
  • Several governments believe that international cooperation is essential.
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The United States Treasury has published a framework for international cooperation on crypto interactions. The framework focuses on global cooperation on several aspects of the crypto market, and also makes room for innovation.

The department published a press release saying that it had consulted with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. Agency for International Development (USAID), and the heads of other relevant agencies on the matter.

The framework has been delivered to President Joe Biden “for interagency engagement with foreign counterparts and in international fora as directed in the President’s Executive Order on Ensuring Responsible Development of Digital Assets.”

Treasury: Crypto must follow democratic values

The statements in it are focused on ensuring that the crypto activity follow “America’s core democratic values,” while also protecting consumers, investors, and businesses, and the safety of global financial and monetary systems.

The press release states the objectives of the framework, of which there are multiple. Besides the aforementioned protection of entities and the global economy, it also focuses on mitigating illicit financial activity and preventing national security risks.

The U.S. has touched on the latter point before, with the treasury having taken action over North Korea hacks on crypto entities.

The framework also lists the support of technological advancement as a goal and a focus on ensuring that the U.S. remains a leader in financial innovation. To that end, it calls for advancing research and relationships that increase shared learning.

It appears that the U.S. is willing to let the crypto industry develop and flourish, so long as it adheres to laws. This should provide a boost to the market, which has taken a beating in recent months.

Are global crypto regulation standards forming?

The United States and other countries have called for international cooperation on the matter of crypto regulation. Crypto is by its nature unrestricted by borders and jurisdiction, so it is understandable that countries want to work together to ensure that laws are followed. Governments will have to establish some sort of standards, especially when it comes to cross-border transactions.

Several countries have been enforcing crypto-related laws in recent months, indicating that there is a global trend emerging. This has been the case for years, but in more recent times the pace has been picking up. The European Union is also set to ratify some major regulatory changes.

Regulation of the crypto market has always been inevitable. The rate of adoption and incidents such as the TerraUSD crash have forced authorities to take action.


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