U.S. Department of the Treasury declares relaxation of cryptocurrency regulations… Embarking on securing fintech leadership

Scott Vessant U.S. Secretary Of Treasury (Source: EPA)

The U.S. Treasury Department has officially announced its plan to abolish regulations that have hindered innovation in the digital asset market, including cryptocurrency. This move is evaluated as a turning point that could further strengthen the U.S.'s leadership in the global fintech market.

Scott Vessant, U.S. Secretary Of Treasury, announced a broad financial reform plan at the American Bankers Association summit held on April 9, stating that the regulatory framework that has suppressed the development of blockchain, stablecoin, and digital payment technologies will be formally revised. He said, “We will thoroughly review regulatory barriers to fully leverage the strengths of the U.S. capital market.”

Secretary Vessant pointed out that the current regulatory framework is outdated and expressed a clear intention to establish an independent U.S.-centered regulatory system, moving away from relying on standards set by international organizations. He emphasized that policy decisions for innovation should be designed with America's economic interests as the top priority.

In addition, there is a plan to reorganize capital regulations. He stated that elements that stifle investment in innovative technologies would be removed, and modernizing anti-money laundering regulations would be pursued, so that financial institutions can focus on more critical issues such as national security or high-risk activities.

This reform is expected to bring positive changes not only to large financial institutions but also to regional banks and general consumers. It is predicted that the easing of regulations will accelerate the introduction of new financial technologies, allowing the U.S. to take a step ahead in the global digital asset competition.