On January 27, the White House published a statement in which it presented the administration of United States President Joe Biden with a road plan for addressing the risks associated with cryptocurrencies. The road plan was supplied by the White House. The White House is responsible for releasing the statement. A sizeable amount of the information that was sent to the Congress of the United States of America was handled by the legislative help that was offered by the administration.
The authors of the declaration proposed a plan for advancing that was divided into two components in order to accomplish their goal. They wrote: “We have spent the last year examining the risks associated with cryptocurrencies and working to minimise those risks by making use of the power that the Executive Branch has.” This pertains to the last year and a year’s worth of months.
In September of 2022, the government will release what will be known as the “first-ever” comprehensive framework for the creation of digital assets. This component of the road plan will be the first one to be implemented. The reports that were needed by the presidential executive order that was announced in March 2022 and was named “Ensuring Responsible Development of Digital Assets” were used to produce this document, which was then posted for public consumption.
Second, executive agencies are increasing the amount of work they put into enforcement and are publishing revised rules. “to help customers in better appreciating the dangers involved with acquiring cryptocurrencies,” the statement states that government organisations are in the midst of establishing public awareness programmes. It focused primarily on bank regulators and asked them to keep up their level of action since they were the target of the attention. The announcement was issued on the same day that the Federal Reserve made the decision to reject the application of the digital asset Custodia Bank to join the Federal Reserve System.