According to ChainCatcher news and reported by CNBC, the White House has released a cryptocurrency regulatory framework, including how the financial services industry should develop more convenient cross-border transactions and how to combat fraud in digital assets. The document indicates that President Biden will assess whether to call on Congress to amend the Bank Secrecy Act, anti-money laundering regulations, and laws prohibiting unlicensed entities from trading, to clarify their applicability to digital asset service providers, including digital asset trading platforms and NFT platforms. President Biden is also considering whether to push Congress to increase penalties for unlicensed trading and possibly amend certain federal regulations to allow the Department of Justice to prosecute digital asset crimes in any jurisdiction where victims of these crimes are found.Regarding the digital dollar, the framework points out that CBDCs can make payment systems more efficient, provide a foundation for further technological innovation, facilitate faster cross-border transactions, and have environmental sustainability. It urges the Federal Reserve to continue its ongoing research, experimentation, and evaluation of CBDCs. In terms of stablecoins, the framework believes that without appropriate regulatory oversight, stablecoins could be disruptive. To make stablecoins safer, the Treasury will work with financial institutions to enhance their ability to identify and remediate network vulnerabilities, as well as identify, track, and analyze emerging strategic risks related to the digital asset market, through information sharing and promoting broad datasets and analytical tools, and collaborating with other agencies. (Source link)