Crypto: White House urged to work with global partners to regulate crypto

Yahoo Finance reporter Jennifer Schonberger details a report from the U.S. Treasury Department which released its first report on [lets get the date in here] detailing its recommendations for regulation of cryptocurrencies across the United States and internationally.

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JENNIFER SCHONBERGER: The first of many forthcoming reports from the Biden administration on how to regulate cryptocurrencies at the direction of President Biden's executive order out this afternoon, this one focused on coordinating with global allies on regulating crypto. In a memorandum to President Biden, the US Treasury, in consultation with Secretaries of State and Commerce, among others, said the US must work with international partners to develop global standards for digital payments and central bank digital currencies.

Specifically, the US will continue working with the G7 on crypto, focusing on movement of money in private and public sectors, reducing payment inefficiencies, CBDCs, and adoption of new technologies. The US will work with key allies to develop a vision for digital assets to ensure financial stability, national security through strong regulations. And the US will also work with the G20 to engage with other major economies to make cross-border payments using crypto more seamless and safe.

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