The U.S. Department of the Treasury on June 5 held a steering meeting of the Financial Stability Oversight Council under the chairmanship of Minister Bessant. The meeting gathered key leaders in the financial sector, including the Chairman of the U.S. Securities and Exchange Commission (SEC) and the Acting Chairman of the Commodity Futures Trading Commission (CFTC).
The focus was a comprehensive report on the activities of the Presidential Digital Asset Working Group. The Treasury's team of experts detailed the process of building a control framework and new policy recommendations for the cryptocurrency market - a field growing exponentially and increasingly complex.
The SEC and CFTC leaders updated recent supervisory, sanction, and management measures, emphasizing new steps to ensure compliance and protect investors against DeFi models and cryptocurrency-based derivative products. They discussed in depth the development potential, systemic risks, and synchronization of standards between regulatory agencies to control capital flows on public blockchains and centralized trading platforms.
Another key point was strengthening the United States' global leadership in cryptocurrency and financial technology through initiatives promoting innovation while enhancing transparency, money legalization, and anti-money laundering/know your customer (AML/KYC) efforts.
The speakers affirmed their commitment to building a stable, clear, and flexible legal environment for the cryptocurrency market, encouraging growth while minimizing risks of volatility, market manipulation, and macroeconomic stability threats. As a result, the U.S. cryptocurrency ecosystem hopes to attract more quality capital and develop advanced digital financial products on blockchain and smart contract technologies.
