The Biden Whitehouse has launched its first framework on what crypto regulation in US must look like.
The framework tells the methods in which the financial industry should evolve to execute borderless transactions.
The New guidelines follow an executive order declared in March, that was determined by the federal agencies called by Biden.
The new directives tap the previous regulations like Securities and Exchange commission and Commodity Future trading commission.
For six months, the government is working to develop their policy and framework
Brain Deese stated that the change was made to position the country as a leader in governance of digital asset ecosystem.
One Measure is to eliminate illegal activity in the crypto industry.
The president is also looking into whether to push Congress to raise the penalties for unlicensed money transmitting
Crime is rife in the digital asset sector. More than $1 billion in crypto has been lost to fraud since the start of 2021
The framework also points to the potential for "significant benefits" from a U.S. central bank digital currency
To that end, the administration urges the Fed to continue its ongoing research, experimentation, and evaluation of a CBDC.