Recent volatility in the digital assets market doesn’t appear to be slowing down its growth. In fact, Fidelity recently found that nearly 90% of institutional investors find characteristics of digital assets appealing. As investor interest continues to grow, retirement plan sponsors should pay close attention to developments in the digital assets industry, as plan sponsors may soon need to decide whether to add digital assets to their plan’s lineup.
In this article, we describe another key section of the White House’s framework related to global infrastructure.
Background on U.S. History in Digital Assets
Over the last several years, the United States has led the global conversation on how to develop a safe and stable system for digital assets. For example, the United States led the development and adoption of the first international standards on digital assets in 2018 and spearheaded the creation of the G7’s Digital Payments Experts Group to examine digital payment systems and the potential for a digital dollar in 2020.
Reinforcing U.S. Financial Leadership
In mid-2022, the Treasury released the following framework for international engagement on digital assets:
Being a world leader in the financial industry helps the United States maintain its technological edge and ensures the country remains competitive as digital payments take on a more significant role in the global economy. Additionally, the United States plans to partner with countries that have yet to set up their digital asset systems. These policy recommendations, continued U.S. research and other goals will help to set standards for the world and minimize fraud and other nefarious actions.
Read more about the Potential Benefits and Risks of Digital Assets.
[1] Business Wire, “Fidelity Digital Assets Research Finds Increased Adoption of Digital Assets Among Institutional Investors in U.S. and Europe,” October 27, 2022.