Nonbanks Win Big
As our in-depth reports detailed, Treasury took the President’s policy edicts to heart when crafting a new digital-finance policy for the U.S. Treasury could have ducked some hard decisions via laudatory rhetoric, but it chose instead to recommend specific policies that cut a new path to a U.S. CBDC and crypto regulation. Our reports detail key policy decisions and what’s soon to be done with them, but one warrants even more immediate attention: Treasury’s decision to adhere not just to the President’s executive order on crypto-finance, but also to another on increasing financial sector competition. This puts banks on notice that not all have yet taken.