Treasury sends Biden framework for international work on crypto over the next year

Quick Take

  • The Treasury has sent the White House its response to US president Joe Biden’s executive order on digital assets. 
  • Specifically, the department delivered to the administration a framework for international cooperation on crypto. That framework, however, remainsunder wraps.

The Treasury has given the White House its framework for future international cooperation on crypto. 

As the department announced on July 7, it has responded to the provisions of US president Joe Biden's March executive order on digital assets, which called on agencies to create a series of reports. 

Today's framework was a response to a request for an international framework within 120 days that "should reflect ongoing leadership by the Secretary of the Treasury and financial regulators in relevant international financial standards bodies, and should elevate United States engagement on digital assets issues in technical standards bodies and other international fora to promote the development of digital asset and CBDC technologies consistent with our values."

The fact sheet points to a series of international organizations, including the G7, G20, FSB, FATF, World Bank, IMF and OECD, as venues to promote the US approach to digital assets abroad. 

The Treasury did not publicize the actual framework and representatives would not provide it to The Block when contacted. The Executive Order tasks the Treasury with producing a follow-up report on actions taken pursuant to the framework, which will be due in a year.  

The Treasury worked with the Secretary of State, the Secretary of Commerce and the Administrator of the US Agency for International Development. 

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