White House Regulates Bitcoin With CBDC – Bitcoin Magazine
This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Jason Brett and Dusty Daemon to explain how the White House plans to regulate the cryptocurrency industry, how they view Bitcoin and Lightning, and the plan for a digital central bank currency.
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Jason Brett: What I can tell you is that the White House just produced a final report from the FSOC, which is the Financial Stability Oversight Council, which is like the high council of all the regulators that oversees what all the other regulators like the SEC do. There was also the White House framework on digital assets for the first time, and I think it’s important to just dissect a little bit about what this means.
Most importantly, there is likely to be a push to regulate exchanges more and focus on subsidiaries and affiliates of exchanges that regulators look at, the same way they now look at banks for the Federal Reserve, when they look at a bank holding company or Bank of America, they look at what all other affiliates and subsidiaries are doing. What’s interesting is that the main themes of this new kind of framework that we have from the White House is to focus heavily on research and development in CBDCs (central bank digital currencies).
It is as No. 1 has the highest priority, and with the highest priority, the Federal Reserve, the White House and the US Treasury Department have formed a CBDC working group. So they are pushing all the levers to see what research and development needs to happen if the US were to choose to introduce a CBDC. One thing that was not made public is that the Department of Justice also made a report in line with the executive order on digital assets, where they just sent a report, which is a finding on what type of legislation the US may need to introduce so that a CBDC cannot be approved by Federal Reserve.
That’s number one, and I want to talk about that for a moment because I think it’s still a genuine belief. I think between Treasury Secretary Janet Yellen and also Jerome Powell at the Fed and others at the Fed, who believe that if the United States can introduce a digital central bank currency, not only to maintain the strength of the dollar in relation to what China is doing, but at the same time they believe that this in mainly wants crypto/bitcoin right? People will necessarily not be as interested in bitcoin. They are really trying to go after the stablecoin market. To be honest, bitcoin is really not on the list; it’s more they’re worried about these global stablecoins like Circle’s USDC, but there’s still a fundamental belief that’s why they’re pushing all the levers: to see if the US can introduce CBDC because they see it as a problem – solves for all the problems they always describe coming from things like bitcoin and other coins.
