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6.6 Refining Applicable Laws and Regulations
The members of the OMG have compiled a list of the Laws and Regulations within the U.S. that applicable to the Financial System covering:
These laws were passed by the Legislative and the Executive Branches of the Government and have been upheld by the Supreme Court. Therefore, this can be considered as part of the will of the people ( see Stakeholders).
| U.S. Privacy Consideration | No. of Laws and Regulations |
|---|---|
| U.S. Federal Laws and Regulations | 10 |
| U.S. State Laws and Regulations | 6 |
| Total | 16 |
| National Security Consideration | No. of Laws and Regulations |
|---|---|
| Human Trafficking | 14 |
| Drug Trafficking | 9 |
| Corruption | 10 |
| Money Laundering | 11 |
| Total | 44 |
A U.S. CBDC would have to adhere to these laws if it going to be considered valid. Not doing so would be considered arbitrary and capricious. In addition, since the CBDC would most likely rely on new technology, each of these laws would need to be evaluated by a legal team to assess how the laws and regulations need to be reinterpreted, amended, or extended to remain current. Further discussions are well beyond the skills of the authors but it is recommended The Federal Reserve take this on as a serious part of the whole CBDC effort.
