{"id":67312,"date":"2022-09-17T16:10:11","date_gmt":"2022-09-17T13:10:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67312"},"modified":"2025-09-07T05:57:52","modified_gmt":"2025-09-07T02:57:52","slug":"the-white-house-unveils-a-concept-for-regulating-the-u-s-crypto-industry","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/the-white-house-unveils-a-concept-for-regulating-the-u-s-crypto-industry\/","title":{"rendered":"The White House unveils a concept for regulating the U.S. crypto industry"},"content":{"rendered":"<p>On Friday, September 16, the White House <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/09\/16\/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets\/\">unveiled<\/a> a concept for regulating the cryptocurrency industry. Earlier, U.S. President Joe Biden <a href=\"https:\/\/u1f987.com\/en\/news\/biden-issues-executive-order-coordinating-federal-agencies-on-cryptocurrency-regulation\">issued an executive order<\/a>, directing federal agencies to coordinate efforts in overseeing the industry.<\/p>\n<p>According to the press release, government agencies urged research focused on privacy and user rights protections, energy consumption, as well as the advantages and risks of central bank digital currency (CBDC).<\/p>\n<p>The White House has already received a number of reports, including from <a href=\"https:\/\/twitter.com\/WHOSTP\/status\/1570776374209818626?s=20&#038;t=voxEFfmjQkLYiYa_CXhp_w\">\u0423\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u044f \u043f\u043e \u043d\u0430\u0443\u0447\u043d\u043e-\u0442\u0435\u0445\u043d\u0438\u0447\u0435\u0441\u043a\u043e\u0439 \u043f\u043e\u043b\u0438\u0442\u0438\u043a\u0435<\/a>, <a href=\"https:\/\/www.justice.gov\/ag\/page\/file\/1535236\/download\">\u041c\u0438\u043d\u044e\u0441\u0442\u0430<\/a> \u0438 <a href=\"https:\/\/www.commerce.gov\/sites\/default\/files\/2022-09\/Digital-Asset-Competitiveness-Report.pdf\">\u041c\u0438\u043d\u0438\u0441\u0442\u0435\u0440\u0441\u0442\u0432\u0430 \u0442\u043e\u0440\u0433\u043e\u0432\u043b\u0438 \u0421\u0428\u0410<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today, Treasury published three reports on \u201cEnsuring Responsible Development of Digital Assets\u201d. The reports address the future of money and payment systems, consumer and investor protection, and illicit finance risks. <a href=\"https:\/\/t.co\/IPWC71TOhl\">https:\/\/t.co\/IPWC71TOhl<\/a><\/p>\n<p>\u2014 Treasury Department (@USTreasury) <a href=\"https:\/\/twitter.com\/USTreasury\/status\/1570755265796124673?ref_src=twsrc%5Etfw\">September 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The concept envisions a range of initiatives, including amendments to the Bank Secrecy Act that would tighten enforcement against providers of services related to digital assets.<\/p>\n<p>The Treasury Department was instructed to complete by July 2023 an assessment of risks associated with DeFi sectors. <span data-descr=\"\u041a\u043e\u043c\u0438\u0441\u0441\u0438\u044f \u043f\u043e \u0446\u0435\u043d\u043d\u044b\u043c \u0431\u0443\u043c\u0430\u0433\u0430\u043c \u0438 \u0431\u0438\u0440\u0436\u0430\u043c \u0421\u0428\u0410\" class=\"old_tooltip\">SEC<\/span> and <span data-descr=\"\u041a\u043e\u043c\u0438\u0441\u0441\u0438\u044f \u043f\u043e \u0441\u0440\u043e\u0447\u043d\u043e\u0439 \u0431\u0438\u0440\u0436\u0435\u0432\u043e\u0439 \u0442\u043e\u0440\u0433\u043e\u0432\u043b\u0435 \u0421\u0428\u0410\" class=\"old_tooltip\">CFTC<\/span> also urged heightened attention to the area.<\/p>\n<p>Binance CEO Changpeng Zhao said that a nationwide U.S. approach to crypto oversight would provide the coherence and clarity of regulation necessary for the industry&#8217;s successful development.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The correct regulations will drive technological innovation and preserve crypto\u2019s fundamental value propositions of freedom and empowerment while ensuring the right guardrails are in place for consumer protection and choice. (2\/9)<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1570900733159178240?ref_src=twsrc%5Etfw\">September 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abIt\u2019s encouraging to see the U.S. moving toward the proposed regulatory framework for the crypto industry. The right approach will help protect consumers and markets, and foster responsible innovation,\u00bb he wrote.<\/p>\n<\/blockquote>\n<p>According to Zhao, the administration\u2019s actions will remove fragmentation in industry oversight and inject clarity into regulation. He emphasized that the program contains specific provisions on international cooperation in the context of enforcement.<\/p>\n<p>Not all members of the community reacted positively to the concept and the reports associated with it. For example, MicroStrategy\u2019s executive chairman Michael Saylor said that <a href=\"https:\/\/u1f987.com\/en\/news\/white-house-threatens-to-ban-bitcoin-mining-over-its-environmental-impact\">report<\/a> by the Office of Science and Technology Policy on the climate and energy risks of digital assets \u201cis full of misinformation.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The latest White House Crypto Climate &#038; Energy Report is full of misinformation generated and promulgated by unscrupulous crypto promoters in order to undermine <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and champion their own interests. <a href=\"https:\/\/twitter.com\/nic__carter?ref_src=twsrc%5Etfw\">@nic__carter<\/a> expertly debunks the propaganda.<a href=\"https:\/\/t.co\/kW7sictekQ\">https:\/\/t.co\/kW7sictekQ<\/a><\/p>\n<p>\u2014 Michael Saylor\u26a1\ufe0f (@saylor) <a href=\"https:\/\/twitter.com\/saylor\/status\/1570795816935378946?ref_src=twsrc%5Etfw\">September 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Saylor also noted that Castle Island Ventures\u2019 general partner Nick Carter \u201cexpertly exposed this propaganda\u201d in his Medium article.<\/p>\n<p>Messari founder Ryan Selkis hinted that Biden is too old to understand the value of cryptocurrencies and blockchain technology.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is what everyone is thinking, but no one is saying.<\/p>\n<p>We need a new, younger president, and should be looking for techno-progressives and pragmatic conservatives who will champion common sense solutions in this realm.<\/p>\n<p>Everything else until then is window dressing.<\/p>\n<p>\u2014 Ryan Selkis \ud83e\udd77 (@twobitidiot) <a href=\"https:\/\/twitter.com\/twobitidiot\/status\/1570792005256740871?ref_src=twsrc%5Etfw\">September 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abMy reaction to the White House\u2019s concept is this \u2014 in 2024 we need a new president, and we should court candidates who aren\u2019t elderly, who stand a chance of understanding how important these technologies are for the future of the U.S. economy,\u00bb he wrote.<\/p>\n<\/blockquote>\n<p>The host of The Wolf Of All Streets podcast Scott Melker called the publication a \u201cdamn disgrace.\u201d He said that, under the guise of consumer protection, the government is attempting to push through the FedNow system, which is also mentioned in the press release.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The White House\u2019s proposed framework is a fucking disgrace. <\/p>\n<p>\u2014 Clear attack on proof-of-work by implying they will set environmental standards for mining.<br \/>\u2014 Pushing FedNow over crypto<br \/>\u2014 Framing everything as a potential scam or threat<br \/>\u2014 Harping on volatility and consumer risk<\/p>\n<p>\u2014 The Wolf Of All Streets (@scottmelker) <a href=\"https:\/\/twitter.com\/scottmelker\/status\/1570761113347977219?ref_src=twsrc%5Etfw\">September 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In July 2022, Senator Elizabeth Warren, a member of the Senate Banking Committee, said that <a href=\"https:\/\/u1f987.com\/en\/news\/senator-elizabeth-warren-calls-for-tougher-regulation-of-cryptocurrencies-in-the-united-states\">should take a tougher stance<\/a> toward the cryptocurrency industry.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our Telegram \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Friday, September 16, the White House unveiled a concept for regulating the cryptocurrency industry. The document sparked debate within the community.<\/p>\n","protected":false},"author":1,"featured_media":67313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,26],"class_list":["post-67312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=67312"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67312\/revisions"}],"predecessor-version":[{"id":67314,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67312\/revisions\/67314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/67313"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=67312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=67312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=67312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}