Sanctions Enforcement Key Part of Digital Assets Framework, White House Says
The White House last week released its digital assets development framework to implement a March executive order aimed to address risks in crypto and other digital marketplaces (see 2203090067). The framework came several months after companies and trade groups told the administration the U.S. should better regulate the cryptocurrency industry to increase sanctions compliance but not in a way that inhibits innovation (see 2208150028).
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The administration said it plans to explore a U.S. Central Bank Digital currency, which could “help preserve U.S. global financial leadership, and support the effectiveness of sanctions.” The White House also said it's reviewing recommendations from other agencies “to improve our ability to track, trace, and counter illicit cryptocurrency use, and urge further steps to redouble U.S. sanctions enforcement.”