USA and the Crypto Industry: now seriously and for a long time

Against the background of global tension and the aggravation of sanctions measures, the attention of various authorities to the regulation of the turnover of crypto assets is becoming increasingly important. The time of observing this industry is coming to an end.

On March 9, 2022, the US President signed a decree "On ensuring the responsible development of digital assets". The White House statement in connection with the adoption of the decree notes that the crypto asset market is experiencing explosive growth and in November 2021 reached a capitalization of $ 3 trillion, which already significantly threatens the stability and integrity of the classical financial system.

The main objectives of regulation are: protection of consumers, investors and businesses in the United States, protection of American and global financial stability and mitigation of systemic risks, "responsible innovations", prevention of the turnover of "dirty" finances and circumvention of sanctions. At the same time, it declares support for technology and modern fintech. The implementation of the measures will be organized in coordination with numerous US federal agencies and regulators.

To protect consumers and investors, a report will be prepared within six months at the level of federal agencies, while a special section of it will be devoted to the classification of crypto assets by type, and regulatory proposals will be given. At the same time, a technological assessment will be carried out and proposals on cybersecurity and savings protection will be given.

At the same time, a draft of measures will be developed to protect competition in this market, to identify and investigate crimes in the cryptosphere, as well as an action plan to combat the use of crypto assets for illegal purposes at the local level and within the framework of international cooperation.

The subject of special attention is the digital dollar (US CBDC) – a separate interdepartmental report will be prepared in this direction within six months, after which a bill will be prepared by the end of the year.

The decree defines the terms cryptocurrencies and digital assets as a broader term – all of them, obviously, will be subject to the new regulation. The definitions generally correspond to the practice of regulators and courts in the United States, as well as European approaches. Thus, we can already talk about the rapid unification of the conceptual apparatus in the main Western jurisdictions.

In general, the decree is a document on the global organization of the US authorities for the introduction of rapid and comprehensive regulation of the crypto market.

We are happy to help our clients navigate the crypto-related innovations in a variety of countries, to help with the organization of business in optimal jurisdictions.