Overview of Recent US Policy on Crypto
By: The Crypto Genie
September 17, 2022 7:24 PM / 1 Comments
The United States has recently bombarded us with a sloth of reports regarding cryptocurrency. A total of 3 reports, and 8 publications, from 6 different government bodies, totaling 244 pages. It can be a little overwhelming to absorb it all, so the Genie is here to make it easy for you!
Department of Treasury
There were 3 reports in total coming from the Department of Treasury.
This report is 20 pages long, and overall it’s pretty simple to digest. This is purely dedicated to anti-corruption in the crypto market, things like; Anti money-laundering and rug-pull scams. The government will be getting more involved with the cybercrime in cryptocurrency, which is rampant in the market so overall this will be a good thing for us that follow the law.
This report is 58 pages long, and it’s probably the most simple to contextualize. The government is obviously very aware of crypto scams happening, so they have employed a requirement for digital asset services too provide better consumer protection. What does this mean exactly? Well, basically they’re making digital asset services put more warning labels on things, it’s all about making the retail investor, everyday people like me and you know of the crypto scams plaguing the the market.
This report is 56 pages long, and it’s about bridging the gap between digital currencies, and the modern day US economy. It talks about how to handle regulation with payments, and how to incorporate the central banks into the system. It touches on government ideas such as “central bank digital currencies.”
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Office of Science and Technology
There were 3 reports in total coming from the White House Office of Science and Technology.
This report is 46 pages long, and I wrote an article detailing this report better, because this one has a huge implication on Proof-of-Work mechanisms, aka crypto miners. (You can read that here) – This report is all about highlighting the adverse effects of mining in its current state, however they have no plan to out-right ban crypto mining. They are more focused on improvements in energy consumption/methods, and the general technology revolving around Proof-of-Work systems.
This report is only 6 pages long, and it’s laying the groundwork for the Federal Reserve research being conducted to create a digital currency for the US government abroad.
This report is 58 pages long, and it’s highlighting the technological side of creating a digital currency, and provides different recommendations to improve technological infrastructure for the US.
The Department of Justice
This report is 66 pages long, and it’s geared more for the law enforcement aspect of cybercrime. It provides different recommendations, to investigate, and prosecute cybercrime involving cryptocurrency.
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The Department of Commerce
This report is 19 pages long, and it’s set to move us forward in regulation with dealing with transactions with crypto. It talks about US competition with adversaries regarding technology.
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