US Treasury Seeks Public Comments on Biden’s Crypto Order

July 12, 2022

Reading Time: 2 minutes

The continuous rise of interest in digital assets has reinforced the American leadership, especially in the financial system, to start looking into the benefits, potential, and risks associated with digital assets.

If you’re a citizen of the United States of America, the US Treasury Department wants to know your opinion on President Biden’s March executive order on cryptocurrency.

As a US citizen, this is the time to express your opinions on the impact of cryptocurrencies on the lives of ordinary American citizens, an opinion which will help the Treasury Department regarding its compliance with President Biden’s executive order on cryptocurrency.

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Yellen’s Treasury Working on Biden’s Executive Order 

Some months ago, President Biden signed an executive order on cryptocurrency, an order that outlined the importance of blockchain technologies, and urged the Treasury Department to work with other federal government agencies to study cryptocurrency and look into its potential use, and impact as well as risks related to digital assets.

In a statement by Nellie Liang, Treasury undersecretary for domestic finance, the Department is “seeking to benefit from the experience of the American people and market participants.”

According to the Department, it is soliciting “relevant input, data, and recommendations” related to how digital assets are developed and adopted and how these are changing “financial market and payment infrastructures for U.S. consumers, investors, and businesses.”

However, Treasury Department will do this by asking responders to provide answers to a list of topics and questions including “what businesses are adopting digital assets and for what purposes” and what they see are the “potential risks to consumers, investors, and businesses” as these relate to “frauds and scams” and “losses due to theft.”

The deadline for responding to the department’s topics and questions is August 8.

Janet Yellen, the Treasury Secretary, must, however, deliver a report of the department’s findings to the White House in September as a response to President Biden’s executive order in March.

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