Presidential decree takes effect, U.S. crypto asset regulation enters a new stage

Event: On May 19, the U.S. Department of Commerce’s Center for International Trade Management released a draft of the “Framework for Developing the Technical Competitiveness of Crypto Assets” for comments.

In response to the presidential decree at the beginning of the year. This document is a response to the “Executive Order on Ensuring the Responsible Development of Digital Assets” signed by Biden at the beginning of the year. It lists 17 issues related to the competitiveness of local encryption companies in the United States, encryption assets compared to “traditional” The pros and cons of finance and technical progress and other issues.

The presidential decree is comprehensive and specific, and the supervision of encrypted assets in the United States has entered a new era of overall supervision. Encrypted assets have been systematically regulated in the United States, showing orientations such as “multiple supervision, joint on-demand” and “more emphasis on blockchain entrances such as stablecoins and exchanges, rather than on-chain formats such as DeFi and NFT”.

  • Multi-head supervision, joint on demand. Among them, Congress has held several hearings, the Securities and Exchange Commission (SEC) regulates crypto assets with securities attributes, the Commodity Futures Trading Commission (CFTC) regulates derivatives, and the Financial Crimes Enforcement Agency (FinCEN) is responsible for anti-money laundering (AML) and terrorist financing. (CFT), the Office of the Comptroller of the Currency (OCC) is responsible for the regulation related to national banking operations. Multiple departments often jointly issue relevant announcements as needed. For example, in November 2021, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly released a “Crypto Sprint” policy memorandum laying out a to-do list for the regulation of crypto assets.
  • Penalty cases have appeared in many fields. Different from the public perception that “encrypted assets are not regulated”, according to the statistics of Elliptic, a blockchain compliance consulting firm, as of June 21, 2019, U.S. regulators have regulated institutions and individuals for violations of laws and regulations in terms of encrypted assets. $2.5 billion in fines for conduct, including the Securities and Exchange Commission (SEC, $1.69 billion), the Commodity Futures Trading Commission (CFTC, $624 million), the Treasury’s Financial Crimes Enforcement Bureau (FinCEN, $183 million), and the U.S. Treasury Department of Foreign Office of Asset Control (OFAC, $606,000) fine. Of these, most of the fines were related to unregistered securities offerings ($1.38 billion), fraud ($928 million), and anti-money laundering (AML) violations ($183 million), which could be broken down into civil fines ($722 million), disgorgement ($1.62 billion) and compensation ($161 million).
  • Presidential decree to end “separateism”. On March 9, U.S. President Biden officially signed an executive order, covering policies, objectives, coordination among U.S. government agencies, measures to protect consumers, investors and businesses, promoting financial stability, reducing systemic risks, restricting illegal finance, and promoting international Cooperation and U.S. competitiveness and other aspects explain the U.S. digital asset regulatory action framework in detail, and require each department to submit documents such as research or evaluation reports within a specific period of time after the executive order is issued. We believe that the issuance of the presidential decree ended the previous “separate” state of U.S. crypto-asset regulation, reflecting the unprecedented importance the U.S. has placed on the crypto-asset industry.

More than crypto assets, “ensure the Web3 revolution happens in America”. If the key feature of Web1 is “read-only”, Web2 is “editable”, and Web3 is “possible”, we believe that Web3 can enable users to move more freely and freely in the Metaverse. At a hearing in the U.S. Congress on December 8, 2021, Republican Congressman Patrick McHenry asked the question “How do we ensure the Web3 revolution happens in the U.S.?” Although the U.S. has not yet introduced targeted regulatory measures, the congressman’s views are in a certain To a certain extent, it represents the attitude of the United States to the innovation of encrypted assets such as Web3 and the Metaverse: within the regulatory boundary, do not miss any revolutionary innovation.

Investment Suggestions: Suggestions to pay attention to: 1) Basic technology platforms: Meta, Nvidia, Roblox, Unity, Microsoft; 2) Content, game, IP service providers: Tencent, NetEase, Vision China, Tianxiaxiu, Hengxin Oriental, etc.; 3) VR/ AR and IT equipment manufacturers: Goertek, Eosun, Guoguang Electric, etc.

Risk warning: The implementation of blockchain technology is blocked; supervision is becoming stricter.

Presidential decree takes effect, U.S. crypto asset regulation enters a new stage

1. The US Department of Commerce issued a document in response to the presidential decree at the beginning of the year

On May 19, the Center for International Trade Management of the U.S. Department of Commerce released a draft for comments on the Framework for Developing the Technical Competitiveness of Crypto Assets.

This document is a response to the “Executive Order on Ensuring the Responsible Development of Digital Assets” signed by Biden at the beginning of the year. It lists 17 issues related to the competitiveness of local encryption companies in the United States, encryption assets compared to “traditional” On various topics such as the pros and cons of finance and technical progress, the consultation for comments ended on July 5.

Presidential decree takes effect, U.S. crypto asset regulation enters a new stage

2. At the beginning of the year, the presidential decree was comprehensive and specific, and it is expected that more regulatory agencies will issue documents in the United States in the future.

The presidential decree is comprehensive and specific, and the supervision of encrypted assets in the United States has entered a new era of overall supervision. Encrypted assets have been systematically regulated in the United States, showing orientations such as “multiple supervision, joint on-demand” and “more emphasis on blockchain entrances such as stablecoins and exchanges, rather than on-chain formats such as DeFi and NFT”.

  • Multi-head supervision, joint on demand. Among them, Congress has held several hearings, the Securities and Exchange Commission (SEC) regulates crypto assets with securities attributes, the Commodity Futures Trading Commission (CFTC) regulates derivatives, and the Financial Crimes Enforcement Agency (FinCEN) is responsible for anti-money laundering (AML) and terrorist financing. (CFT), the Office of the Comptroller of the Currency (OCC) is responsible for the regulation related to national banking operations. Multiple departments often jointly issue relevant announcements as needed. For example, in November 2021, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly released a “Crypto Sprint” policy memorandum laying out a to-do list for the regulation of crypto assets.
  • Penalty cases have appeared in many fields. Different from the public perception that “encrypted assets are not regulated”, according to the statistics of Elliptic, a blockchain compliance consulting firm, as of June 21, 2019, U.S. regulators have regulated institutions and individuals for violations of laws and regulations in terms of encrypted assets. $2.5 billion in fines for conduct, including the Securities and Exchange Commission (SEC, $1.69 billion), the Commodity Futures Trading Commission (CFTC, $624 million), the Treasury’s Financial Crimes Enforcement Bureau (FinCEN, $183 million), and the U.S. Treasury Department of Foreign Office of Asset Control (OFAC, $606,000) fine. Of these, most of the fines were related to unregistered securities offerings ($1.38 billion), fraud ($928 million), and anti-money laundering (AML) violations ($183 million), which could be broken down into civil fines ($722 million), disgorgement ($1.62 billion) and compensation ($161 million).
  • Presidential decree to end “separateism”. On March 9, U.S. President Biden officially signed an executive order, covering policies, objectives, coordination among U.S. government agencies, measures to protect consumers, investors and businesses, promoting financial stability, reducing systemic risks, restricting illegal finance, and promoting international Cooperation and U.S. competitiveness and other aspects explain the U.S. digital asset regulatory action framework in detail, and require each department to submit documents such as research or evaluation reports within a specific period of time after the executive order is issued. We believe that the issuance of the presidential decree ended the previous “separate” state of U.S. crypto-asset regulation, reflecting the unprecedented importance the U.S. has placed on the crypto-asset industry.
  • The presidential decree clearly sets out the policy goals for the regulation of crypto assets in the United States. These include: 1) protecting U.S. consumers, investors and businesses; 2) protecting U.S. and global financial stability and reducing systemic risks; 3) mitigating illicit financial and national security risks from misuse of digital assets; 4) strengthening U.S. Leadership in the global financial system and technological and economic competitiveness, including through the responsible development of payment innovations and digital assets; 5) promoting access to safe and affordable financial services; 6) supporting the promotion of responsible development and use of digital Technological advancement of assets. We believe that these goals reflect that the United States does not view cryptoassets as a “flood beast” that must be kept out, but rather as a tool that can potentially serve its citizens and advance U.S. leadership in the global economic ecology. Among them, the presidential decree pays particular attention to the development of a central bank digital currency and strives to ensure that it reflects American values.

Presidential decree takes effect, U.S. crypto asset regulation enters a new stage

Presidential decree takes effect, U.S. crypto asset regulation enters a new stage

Presidential decree takes effect, U.S. crypto asset regulation enters a new stage

More than crypto assets, “ensure the Web3 revolution happens in America”. If the key feature of Web1 is “read-only”, Web2 is “editable”, and Web3 is “possible”, we believe that Web3 can enable users to move more freely and freely in the Metaverse. At a hearing in the U.S. Congress on December 8, 2021, Republican Congressman Patrick McHenry asked the question “How do we ensure the Web3 revolution happens in the U.S.?” Although the U.S. has not yet introduced targeted regulatory measures, the congressman’s views are in a certain To a certain extent, it represents the attitude of the United States to the innovation of encrypted assets such as Web3 and the Metaverse: within the regulatory boundary, do not miss any revolutionary innovation.

Presidential decree takes effect, U.S. crypto asset regulation enters a new stage

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