The US Treasury Department issued a fact sheet describing how it collaborates with foreign authorities to manage the crypto industry.
The fact sheet, which is the first publication by the department due to US President Joe Biden’s executive order on crypto, said the framework “is intended to ensure that … America’s core democratic values are respected,” pointing to the consumer, investor and business protection, the safety of the global financial system and interoperability.
Department of the U.S. Treasury in Washington, D.C. Image: U.S. Treasury
According to the document, the framework’s policy goals also include minimising the potential use of crypto for illicit finance, expanding access to financial services, encouraging technical innovation and reinforcing US leadership in 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 US values and legal requirements,” the fact sheet said.
This effort should alleviate such issues, the letter said.
“Additionally, the United States will promote the adoption and implementation of international standards through bilateral and regional engagements. Across all engagements the United States will seek to ensure a coordinated message, limit duplication and encourage that work is maintained within its primary stakeholders,” the document said.
The Treasury Department recommended that the US organise engagements and other forums to promote this effort.
The Justice Department submitted its response to Biden’s executive order on digital assets last month.
