With crypto adoption on the macro-rise, regulators have keenly been keeping an eye out on the space. Of late, they’ve also been addressing the elephant in the room. Just a day back, for instance, SEC Chair Gary Gensler said that staked cryptocurrencies could be subject to federal securities regulations.
Now, in what is the latest development, the Biden administration has laid out a crypto framework outlining what regulations should look like. Here, it is worth recalling that President Biden had instructed federal agencies to examine the risks and benefits of cryptos and report their findings. The current framework is a response to these findings.
US’s stance on CBDCs had been sort of muffled until now. However, it looks like the Biden administration is all set to take a step closer to a digital currency.
Notably, the Federal Reserve will “continue its ongoing CBDC research, experimentation, and evaluation.” More so, because a digital dollar could enable a payment system that is “more efficient, provides a foundation for further technological innovation, facilitates faster cross-border transactions, and is environmentally sustainable.” Furthermore, the released framework added,
“It could promote financial inclusion and equity by enabling access for a broad set of consumers.”
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