The paper introduces crypto market structure, regulatory frameworks, and policy issues.

The rules announced require brokers – not digital asset holders – to report on the gross proceeds of the sale of their digital assets through a Form 1099. The rules ensure DeFi brokers of digital assets are subject to the same information reporting rules as brokers for securities and operators of custodial digital asset trading platforms.

EU participants included representatives of the European Commission, European Banking Authority (EBA), European Securities and Markets Authority (ESMA), European Insurance and Occupational Pensions Authority (EIOPA), European Central Bank (ECB), and Single Resolution Board (SRB).

U.S. participants included representatives from the U.S. Department of the Treasury and staff from independent regulatory agencies, including the Federal Reserve Board (FRB), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), and Consumer Financial Protection Bureau (CFPB).

The Forum emphasised ongoing U.S. and EU cooperation in a range of areas and focused on seven themes: (1) market developments and financial stability; (2) operational resilience and digital finance; (3) the sharing and financial reporting of financial data; (4) anti-money laundering and countering the financing of terrorism (AML/CFT); (5) sustainable finance; (6) banking and insurance; and (7) capital markets.  

Agency participation varied across themes, with representatives expressing views on issues in their respective areas of responsibility.

The Legal aspects of retail CBDCs paper examines some key legal questions that may need to be addressed by any jurisdiction considering issuing a retail CBDC but does not attempt to provide definitive answers to those questions. It focuses on four areas: the legal classification of retail CBDC; the obligations and liabilities of participants in the retail CBDC ecosystem; privacy and financial crime; and cross-border issues. 

The CBDCs: System design paper provides some perspectives on overall system design and then focuses on four key issues for designing a well-functioning retail CBDC system: privacy, cybersecurity (including quantum computing), offline functionality; and point of sale considerations.

The GMAC’s Digital Asset Markets Subcommittee also presented on the progress of its utility tokens workstream.