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Chainanalysis Breaks Down the White House Framework on Crypto

Date:

Chainanalysis | Clark Flynt-Barr | Sep 27, 2022

Recently, the White House released the first-ever comprehensive framework for the responsible development of digital assets. This follows President Biden’s March 2022 Executive Order (EO) that outlined a series of policy objectives for the U.S. with respect to digital assets and called for the development of the framework and necessary inter-agency coordination.  In total, the framework included a series of reports, legislative proposals, future frameworks, and commitments for future reports.  The reports that have been released thus far:

Illicit Financing

  • Government agencies are increasingly building their capacity to investigate and prosecute crimes involving the illicit use of cryptocurrency
  • Public-private partnerships are key to success in this space
  • There are still a number of challenges that investigators and prosecutors face
    • disparities among legal frameworks for cryptocurrency businesses around the world.
    • different record keeping standards and anti-money laundering/countering the financing of terrorism (AML/CFT) standards for cryptocurrency businesses abroad as a challenge that can impede or stall criminal investigations.

Protecting Consumers

  • U.S. government agencies should continue to pursue illicit activity in this space and bring enforcement actions where appropriate,
  • agencies should use their existing authorities to issue supervisory guidance and rules, and
  • the U.S. should work to ensure consumers have access to trustworthy information about crypto assets.

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