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Treasury releases fact sheet on digital asset international engagement

Federal Issues Digital Assets Fintech Of Interest to Non-US Persons Cryptocurrency CBDC

Federal Issues

On July 7, the Secretary of the Treasury released a Fact Sheet on the Framework for International Engagement on Digital Assets. The Fact Sheet was delivered to President Biden, as directed in the Executive Order on Ensuring Responsible Development of Digital Assets (E.O.) and in consultation with the Secretary of State, the Secretary of Commerce, and the heads of other relevant agencies. The E.O. outlined an interagency approach to address the risks and harness the potential benefits of digital assets and their underlying technology, and directed the Administration to promote the “development of digital asset and central bank digital currencies (CBDC) technologies consistent with [the Treasury’s] values and legal requirements.” According to the announcement, “the framework is intended to ensure that, with respect to the development of digital assets, America’s core democratic values are respected; consumers, investors, and businesses are protected; appropriate global financial system connectivity and platform and architecture interoperability are preserved; and the safety and soundness of the global financial system and international monetary system are maintained.” The announcement also noted that “a history of robust engagement provides a strong foundation for expanded, strategic engagement going forward” and highlighted other key international engagements.