US Treasury calls for public comment on digital asset policy, following Biden executive order

President Joe Biden's Crypto Executive Order in March directed the Treasury Department to take the lead among other government agencies in the development of policy recommendations.

The United States Department of Treasury has sought public comment on the opportunities and potential risks of digital assets pursuant to President Joe Biden's March Executive Order.

In an announcement on Tuesday, the U.S. Treasury said it was seeking public input that will “inform its work” by advising the president on the possible implications of digital assets on financial markets and payments infrastructure. Biden's executive order directed the Treasury Department to take the lead among other government agencies in developing policy recommendations aimed at mitigating systemic and consumer risks related to cryptocurrencies.

“For consumers, digital assets can present potential benefits, such as faster payments, as well as potential risks, including the risk of fraud and scams,” said Nellie Liang, Undersecretary at the Treasury for national finances. "The Treasury Department seeks to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work."

In the Request for Comment published in the Federal Register on July 8, Treasury noted that lack of financial education when managing digital assets could be a factor in rolling out any related policies to vulnerable communities:

“The growing use of digital assets and differences between communities can also present disparate financial risks for less informed market participants or exacerbate inequalities. It is essential to ensure that digital assets do not po. ..