Summary: The US Treasury requests public comment on cryptocurrencies, addressing President Biden's executive order in March 2022. The request for comment first appeared on the Federal Register on July 8 but was formally announced on July 12. The Treasury is interested in knowing the public opinion on the benefits and risks of cryptocurrencies. According to Nellie ...

The US Treasury requests public comment on cryptocurrencies, addressing President Biden's executive order in March 2022. The request for comment first appeared on the Federal Register on July 8 but was formally announced on July 12. The Treasury is interested in knowing the public opinion on the benefits and risks of cryptocurrencies.

According to Nellie Liang, President Biden's Under Secretary of the Treasury for Domestic Finance, said potential benefits of digital assets include faster payments, with risks such as fraud or scams.

The Treasury's announcement has shown concern that digital assets posed an even greater risk to vulnerable populations lacking access to information. The growing number of digital assets users across such communities can exacerbate inequities, exposing consumers and investors to more significant financial risks. 

What the Treasury wants to ensure is that cryptocurrencies don't pose undue risks by putting in place protections for consumers, investors, and businesses, to expand access to financial services that are safe and affordable.

The framework for international engagement on digital assets was sent by the US Treasury to the White House last week.

Author: Garrett Meifert