The US Department of Commerce Asks the crypto industry to Contribute to the Competitiveness framewor
The federal agency received eight responses to a request for comments on the document provided for by the decree of US President Joe Biden dated March 9 on digital assets.
Among the numerous reports and other written materials provided for by the decree of US President Joe Biden dated March 9 "Ensuring responsible development of digital assets", there is a basis for improving the economic competitiveness of the United States in digital asset technologies, presented by the Department of Commerce on September 5. In preparing this document, the Ministry of Commerce requested public comments by Tuesday, providing 17 questions to stimulate discussion.
As of Tuesday afternoon, the Commerce Department had received eight comments. They ranged from a few paragraphs to pages of detailed analysis. Mastercard's 16-page response was the longest.
Mastercard stated in its response that the United States holds a particularly strong position both as a center for financial services and a center for technological innovation. The payment system urges to take a number of steps to preserve these benefits. The lack of clarity in regulation is a serious obstacle to business and innovation, Mastercard writes, adding:
"Therefore, Mastercard supports the view that the US administration should consider leadership in the regulation of digital assets as a key factor in the overall competitiveness of American firms in this sector."
In addition, Mastercard stated that countries create burdensome requirements for businesses in this sector, and recommended that the "approach to handling digital commerce" be included in US international trade agreements.
The technical trade group Chamber of Progress called for clarity of regulation and the involvement of personnel to maintain the leading position of the United States. The Proof of Stake Alliance described the benefits of its chosen technology as "the future of digital asset innovation" in carefully reasoned answers to four questions.
A visiting senior researcher at the Mercatus Center at George Mason University spoke in detail in favor of easing the "heavy regulatory burden borne by American companies dealing with digital assets" and the need to develop privacy protection tools.
The American Bankers Association has also advocated for regulatory clarity, criticizing Securities and Exchange Commission Staff Accounting Bulletin 121 for impeding competitiveness. She praised the existing US payment systems and called the benefits of the American CBDC "uncertain and unlikely to be realized." Independent community bankers of America stated that digital assets "pose numerous serious threats, including financial crimes and risks to financial stability," and openly opposed the US CBDC.
The resolution on the development of digital assets required more than a dozen written responses. The first of them was published by the Ministry of Justice in June. The Ministry of Commerce framework is one of five documents expected to be released on September 7.
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