On Sept. 16, 2022, the White House released a comprehensive framework for responsible digital asset development and, in particular, cryptocurrency. Agencies across the federal government have been working for the past six months to develop frameworks and policy recommendations to advance the six key priorities identified in President Biden’s March 9 executive order on Ensuring Responsible Development of Digital Assets: (1) consumer and investor protection, (2) financial inclusion, (3) promoting financial stability, (4) responsible innovation, (5) U.S. leadership in the global financial system and economic competitiveness, and (6) countering illicit finance. This framework comes weeks after the California Senate unanimously passed the Age-Appropriate Design Code Act on Aug. 29, 2022, reflecting an increased focus on platform accountability, transparency and consumer protection at both the state and federal levels.
This blog post will focus specifically on the framework’s implications for data, privacy and cybersecurity regulation under two large themes: (1) incoming federal guidance and (2) collaboration across federal agencies and across sectors. An alert on