Today the U.S. treasury department published a new fact sheet outlining potential international regulation for cryptocurrencies. This is following Joe Biden's March executive order on Crypto, which was a "first-its-kind" in the United States. 

The March order did not specify positions the administration hopes for moves from regulation agencies but set the groundwork for today's proposal. The executive order stated the goal of the regulation "is intended to ensure that ... America's core democratic values are respected."

The new guidelines hope to hinder Crypto's ability to finance illegal activities, promote transparency, and support technological development in the space. 

The fact sheet went on to say, "The United States must continue to work with international partners on standards for the development of digital payment architectures and CBDCs (central bank digital currencies) to reduce payment inefficiencies and ensure that any new payment systems are consistent with U.S. values and legal requirements."

The fact sheet then said, "Additionally, the United States will promote the adoption and implementation of international standards through bilateral and regional engagements. Across all engagements, the United States will seek to ensure a coordinated message, limit duplication, and encourage that work is maintained within its primary stakeholders."

"This proposal is just the first step towards mass regulation of crypto, but mass regulation could also help promote mass adoption," said a user on Twitter.

In the meantime, Crypto players will have to wait and see what regulation stems from these initial talks.

Author: Garrett Meifert