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Last week the U.S. Department of the Treasury (Treasury)
published three reports pursuant to President Joe Biden’s Executive Order on Ensuring Responsible
Development of Digital Assets. The reports address the future
of money and payment systems, consumer and investor protection, and
illicit finance risks. According to a statement by Secretary of the
Treasury Janet L. Yellen, the reports “provide a strong
foundation for policymakers as we work to realize the potential
benefits of digital assets and to mitigate and minimize the
risks.” The BakerHostetler Blockchain and Digital Assets team
will publish alerts analyzing each of the three reports over the
course of the coming weeks.
Also last week, pursuant to the same executive order, Treasury
filed a Request for Comment (RFC) seeking “feedback from the
American people on the illicit finance and national security risks
posed by digital assets.” The RFC asks for input on issues
related to digital assets in the areas of illicit finance risks,
anti-money laundering (AML) and counter-terrorist financing (CFT)
regulation and supervision, global implementation of AML/CFT
standards, private sector engagement and AML/CFT solutions, and
central bank digital currencies. The RFC will be open for comment
through Nov. 3, 2022.
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