Here’s what practitioners think of the White House’s new crypto framework

Here’s what practitioners think of the White House’s new crypto framework

September 22, 2022, Global Banking Regulation Review

Karen Solomon and Michael Reed were quoted by Global Banking Regulation Review regarding the White House’s “first-ever comprehensive framework” for digital assets in the United States, which many practitioners are calling a “patchwork of already-existing practices.”

Karen expressed this is “good news” for firms that want to operate in the regulated sphere, because the regulators’ various schemes can continue – for now. “It also enables the regulators to gain experience supervising real-world risks,” she added.

Michael warned that lack of executive direction means that “in the near term it will be regulation by enforcement rather than rulemaking, which tends to result in inconsistent and unpredictable outcomes”.

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