US Treasury would like your comments on Biden’s crypto order
by Arthur · July 13, 2022
On Tuesday, the US Treasury Department announced an open invitation for comments on President Joe Biden’s executive order on digital assets.
In order to harness the wisdom of the crowd, the Biden administration and the US Treasury Department are asking residents to comment on Biden’s Executive Order 14067.
“For consumers, digital assets can present potential benefits, such as faster payments, as well as potential risks, including risks related to fraud and deception,” said Nellie Liang, Deputy Secretary of the Treasury Department for Home Finance, in a statement. “The Tasury Department seeks to take advantage of the expertise of the American people and market participants by soliciting public comment as we engage in this important work.”
The order, “Ensuring Responsible Development of Digital Assets,” was signed on March 9 and outlined US policy targets for digital assets such as Bitcoin, Ethereum and Stablecoins. It asked several government agencies to come to the same page with an eye to regulate crypto and protect consumers.
The order is now entering the public input phase. Those who wish to comment on Executive Order 14067 have a deadline of 8 August – only four weeks.
Tuesday’s announcement issued by the Treasury calls this phase an opportunity for all interested parties to provide relevant input and recommendations on “the implications of digital asset development and use and changes in financial markets and payment infrastructures for U.S. consumers, investors, businesses, and for fair economic growth. . “
The notice lists the Biden administration’s goals as:
A. Consumer, Investor, and Business Protection in the United States
B. US protection and global financial stability and systemic risk reduction
C. Reduction of illegal financial and national security risk through misuse of digital assets
D. Strengthening US leadership in the global financial system and technological and economic competitiveness, including through responsible development of payment innovations and digital assets
E. Promoting access to secure and affordable financial services
F. Support technological advances that promote responsible development and use of digital assets
Along with these policy goals, Biden has instructed government agencies, including the Environmental Protection Agency, to send a report to the President within 180 days of the order, which will examine the environmental impact of cryptocurrencies and the impact of blockchain consensus mechanisms. on energy consumption.
California Gov. Gavin Newsom signed a similar order in May, requiring government agencies to investigate cryptocurrencies and recommend ways to incorporate them into Golden State operations.
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