White House ‘Comprehensive Framework for Responsible Development of Digital Assets’ Is Neither Comprehensive nor a Framework

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 17 September 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW looks at a set of three reports around crypto out of the Treasury Department as well as examines the White House’s just-released framework for digital assets. He argues there are big, important questions that remain unaddressed. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: narvikk/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Friday, September 16th, and today we are talking about the White
0:27.5	House's comprehensive framework for responsible development of digital assets, which I believe
0:32.7	is neither comprehensive nor a framework, but we'll get into that. First, however, if you are enjoying the
0:38.1	breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive
0:41.8	deeper into the conversation, come join us on the breakers discord. You can find a link in the show
0:46.2	notes or go to bit.ly slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show, I also work with FTX.
0:58.9	All right. Well, listen, talk about ending the week with a bang. The White House this morning dropped what they titled, a comprehensive framework for responsible development of digital
1:02.9	assets. The Treasury Department also released three reports relating to crypto and digital assets.
1:09.4	So today what we're going to do is look at these documents
1:11.9	and see if we can make sense of where they leave us from a regulatory perspective. All of this
1:17.1	obviously comes as a follow-up to the Biden executive order on digital assets that came in March.
1:23.2	We're now seeing the result of the six months of intervening study and research.
1:31.3	So as I mentioned, the U.S. Department of the Treasury published three reports today.
1:33.7	One was on the future of money and payments.
1:36.9	One was on implications for consumers, investors, and businesses.
1:41.6	And one was an action plan to address illicit financing risks of digital assets.
1:44.3	The summary quote across all three was, innovation is one of the hallmarks of a vibrant financial system and economy. But as we
1:48.5	have learned painfully from the past, innovation without appropriately addressing the impact
1:52.2	of these developments can result in significant disruptions and harm to the financial
	...

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