Another area the White House plans to focus on is making sure the masses can access the digital asset market with security guards in place and are able to do so affordably. With that in mind, FedNow — a 24-hour interbank clearing system for payments — is set to launch next year and will be under the Federal Reserve umbrella (via the White House).
The White House statement acknowledges that digital assets can speed up the payment process, but the Biden administration aims to ensure this benefit is available to everyone and does not open the door to predatory banking practices or scams. Additionally, the National Science Foundation has been tasked with research to ensure that the digital asset market adheres to the principles of fairness, inclusiveness, and accessibility. The aforementioned reforms are not limited to US borders. Instead, the plan is to go international and develop regulatory protocols for instant payments covering markets around the world.
Preserving the financial stability of Americans is another central goal of the comprehensive digital asset framework developed by the White House. It’s no secret that crypto investors have had their lives turned upside down by crashing markets, criminals have stolen hundreds of millions of dollars and bankrupt companies are only making things worse for investors. . In this spirit, the Treasury will collaborate with financial institutions by sharing the critical information and tools necessary to ensure that vulnerabilities are identified and dealt with correctly.