The DAOs and DeFi will be Regulated Too

The U.S. Treasury Department published a fact sheet Thursday outlining how it could work with foreign regulators to address the cryptocurrency sector.

Photo by Tabrez Syed on Unsplash

Hey Guys,

Crypto regulation is badly needed in a hyped Web3, with NFTs the shinning beacon of yet another pump and dump by Bitcoin’s manipulated price.

All the glamour of NFTs, DAOs and DeFi needs some grounding in reality though.

The U.S. Treasury Department published a fact sheet Thursday outlining how it could work with foreign regulators to address the cryptocurrency sector.

The fact sheet, which is the first report published by the department as a result of U.S. President Joe Biden's executive order on crypto, said the framework "is intended to ensure that ... America's core democratic values are respected," pointing to consumer, investor and business protection, the safety of the global financial system and interoperability.

The White House taking a Stance on Crypto

The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk.

The fact sheet is actually pretty interesting.