Ali Raza
The US Treasury Department has invited interested members of the public to share their views on the March 9, 2022, Executive Order dubbed “Ensuring Responsible Development of Digital Assets.” The Department is seeking insight into the risks posed by digital assets.
US Treasury seeks input on crypto regulations
In the notice, the US Treasury Department said that digital assets had facilitated cybercrime-related financial activities. The rise in digital asset use in financial activities increases the risk of crimes like terrorism, money laundering, fraud, theft, and corruption.
The high risk of illicit activities through digital assets has necessitated scrutiny in the sector. The Treasury Department said it had submitted an action plan with the White House to support scrutiny over digital assets.
In the report, the US Treasury added that it would continue monitoring the emerging risks within the sector and support other actions that will lower the risks that come from the sector’s rapid growth. The Treasury is also seeking input from the public to understand the view of the public on the crypto market and the actions to be taken by the Treasury Department and the US government to lower these risks.
One of the inputs that the Treasury wants is to understand how collaborating with the public, and private sector will improve the efforts and address the growing risks. In the report, the US Treasury also included a list of questions that were relevant to support the report.
Members of the public that want to be involved in the process must provide a citation of the public data related to the responses. If the data in question is unavailable to the public, a description of this data should be included.
US government efforts to support crypto regulations
The US Federal government has tabled several reports in the past seeking to address the lack of clarity in cryptocurrency regulations despite an influx of investors and crypto social trading platforms in the country. These reports are linked to the March 2022 Executive Order signed by the White House.
Besides the US Treasury, the other government agencies that have also signed reports are the Justice Department and the White House Office of Science and Technology Policy and Commerce Departments. The reports address several aspects of the crypto sector in the US.
The reports published by the White House science and Treasury Departments also focused on central bank digital currencies (CBDCs) and the factors that should be considered by the US before issuing this currency.
The US is yet to announce plans of issuing a digital dollar or the efforts that will be taken to issue one. The Justice Department is also looking at the legal authorities of the Federal Reserve to issue a CBDC, but it has not submitted an analysis of the same to the president.
While the US lags behind in launching a CBDC, competing economies such as China are steps ahead. The Federal Reserve Chair, Jerome Powell, had earlier said that the US would only launch a digital dollar at the right time.
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This article was written for Business 2 Community by Ali Raza.
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