Another area where the White House plans to focus is ensuring that masses can access the digital assets market with safety guards in place and that they’re able to do so in an affordable fashion. With that in mind, FedNow — a round-the-clock interbank clearance system for payments — is slated to launch next year and will be under the aegis of the Federal Reserve (via the White House).
The White House statement recognizes that digital assets can speed up the payment process, but the Biden administration aims to ensure that this perk is accessible to all and doesn’t open the doors for predatory banking practices or scams. Plus, the National Science Foundation has been tasked with research so that the digital assets market adheres to the principles of equity, inclusivity, and accessible. The aforementioned reforms aren’t limited to the US borders. Instead, the plan is to go international and develop regulatory protocols for instant payments covering markets across the globe.
Preserving the financial stability of Americans is another core focus of the comprehensive digital assets framework drafted by the White House. It’s no secret that crypto investors have had their lives upended by crashing markets, criminals stealing hundreds of millions of dollar, and busted companies only making it worse for investors. With that in mind, the Treasury will collaborate with financial institutes by sharing critical information and the necessary tools to ensure that vulnerabilities are identified and handled properly.