On September 16, 2022, the White House released its First-Ever Comprehensive Framework for Responsible Development of Digital Assets (“Framework”). 

The Framework takes into account several federal agency reports submitted to President Biden in response to his March 2022 Executive Order 14067 for Ensuring Responsible Development of Digital Assets, which called for input and recommendations to address the administration’s key priorities. 

The Framework does not establish any new regulations but provides clarity on how crypto regulations will be developed. Sections of the Framework include “Protecting Consumers, Investors, and Businesses,” “Promoting Access to Safe, Affordable Financial Services,” “Fostering Financial Stability,” “Advancing Responsible Innovation,” “Reinforcing Our Global Financial Leadership and Competitiveness,” “Fighting Illicit Finance,” and “Exploring a U.S. Central Bank Digital Currency (CBDC).”  

CS continues to monitor this release for any impact to our solution and will inform our clients and partners of any required changes.