The framework outlines ways in which the financial services industry should evolve to make borderless transactions easier, as well as how to crack down on fraud.
Fighting illicit finance
"The President will evaluate whether to call upon Congress to amend the Bank Secrecy Act, anti-tip-off statutes, and laws against unlicensed money transmitting to apply explicitly to digital asset service providers — including digital asset exchanges and nonfungible token platforms," according to a White House fact sheet.
In terms of next steps,"Treasury will complete an illicit finance risk assessment on decentralized finance by the end of February 2023 and an assessment on non-fungible tokens by July 2023," reads the fact sheet.
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