Formal rulemaking is the structured process by which government agencies create, amend, or repeal regulations. This administrative procedure typically involves public notice of proposed rules, a period for public comment, and a thorough review of those comments before a final rule is issued. It ensures transparency, accountability, and public participation in the development of legal frameworks. This process is distinct from less formal guidance.
Context
In the digital asset space, formal rulemaking by regulatory bodies is a critical development often covered in crypto news. Such processes can establish clear legal frameworks for digital assets, exchanges, and decentralized finance, addressing issues like consumer protection, anti-money laundering, and taxation. The outcomes of formal rulemaking significantly shape the operational environment for crypto businesses and investors.
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