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White House wants feedback on digital asset policy

Legislation Regulation generic 2

Legislation Regulation generic 2

In its ongoing National Digital Assets Research and Development Agenda, the White House Office of Science and Technology Policy (OSTP) has gotten to a phase where it seeks feedback from individuals and organizations. 

Following the introduction of its comprehensive framework for the Responsible Development of Digital Assets, the OSTP acted on a presidential order to announce the National Digital Assets Research and Development Agenda. 

White House moving forward with digital asset policy

According to the current notice of request for Information (RFI) document, respondents are expected to submit a maximum of 10-page comments before March 23.

The submitted feedback will help the government better manage the digital assets’ development and distributed ledger technology. 

America is one of the world’s major countries where government officials and financial regulators are constantly showing interest in blockchain and cryptocurrencies, probably because of its high adoption rate in the United States. 

The U.S. currently has numerous financial regulators providing guidelines for using crypto-related products and services. These regulators ensure that crypto entities operating within the U.S. work within the dictates of financial laws. 

The Internal Revenue Service (IRS) currently categorizes crypto as a taxable property, and the Securities and Exchange commission (SEC) classifies crypto as a security.

At the same time, the Financial Crimes Enforcement Network (FinCEN) plays the prominent role of preventing and punishing crypto offenses related to money laundering and financial crimes. 

There are also several other government bodies like the Commodities Futures Trading Commission (CFTC), Federal Trade Commission (FTC), Federal Deposit Insurance Corporation (FDIC and the Office of the Comptroller of Currency (OCC) providing different shades of regulatory services. 

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