The U.S. Treasury Department issued a request for comment relating to President Joe Biden’s March 2022 executive order which called for a “whole-of-government” approach to developing and regulating digital assets.
The request invites the public to submit comments on what a comprehensive system to oversee digital assets should be, and how it should operate as well as the opportunity to respond to an expansive list of question on cryptocurrency usage by business and consumers, where consumer protections are lacking, and how cryptocurrency adoption may benefit or harm the poorest Americans.
“The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work,” Treasury Nellie Liang said in a statement.
Crypto exchanges have become increasingly popular in recent years, despite concerns from regulators and policymakers that the crypto industry lacks sufficient oversight, transparency, and consumer protections.
"For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams,” Liang said.
Biden’s executive order required Treasury Secretary Janet Yellen to submit a report to the White House in September, outlining the implications of the growth of crypto in the U.S. and what Yellen recommends be done.
The Treasury is accepting comments through Aug. 8, 2022.