Among the numerous reports and other written materials mandated in US President Joe Biden’s March 9 executive order “Ensure the Responsible Development of Digital Assets” is a framework for enhancing US economic competitiveness in digital asset technologies, due for release from the Department of Commerce On September 5th. In preparation for this document, the Commerce Department requested public comment through Tuesday, submitting 17 questions to encourage discussion.
As of Tuesday noon, the Commerce Department had received eight comments. It ranged from a few paragraphs to pages of detailed analysis. Mastercard’s 16-page response was the longest.
MasterCard said in its response that the United States was in a particularly strong position as a hub for financial services and technology innovation. He urges that several steps be taken to preserve these advantages. Mastercard writes that the lack of regulatory clarity is a significant obstacle to business and innovation, adding:
“Mastercard therefore supports the view that the US administration should consider leadership in digital asset regulation as a key enabler of the overall competitiveness of US companies in this sector.”
In addition, Mastercard said countries create burdensome requirements for companies in the sector and recommended that an “approach to address digital commerce” be included in US international trade agreements.
RELATED: MasterCard Allows 2.9 Billion Cardholders to Make Direct Purchases with NFT
The Technology Business Group’s Progress Chamber urged regulatory clarity and workforce development to maintain the United States’ leading position. The Proof of Stake Alliance has promoted the benefits of Proof of Stake technologies as the “future of digital asset innovation” in carefully discussed responses to four of the section’s discussion questions.
A visiting research fellow at George Mason University’s Mercatos Center has argued at length for alleviating the “heavy regulatory burden on US digital asset companies” and the need to develop privacy protections.
The American Bankers Association favored regulatory clarity while criticizing the Securities and Exchange Commission’s Staff Accountability Bulletin 121 for discouraging competitiveness. She praised the current US payment systems and described the benefits of the US central bank’s digital currency as “uncertain and unlikely to be realized”. The Independent Community Bankers of America said digital assets “present many important threats, including financial crime and risks to financial stability,” and are openly opposed to the currencies of US central banks.
The executive order on digital asset development called for more than a dozen written responses. The Ministry of Justice published the first of them in June. The Commerce Department’s framework is one of five documents expected to be released on September 7.
