US Crypto Regulation: Treasury Office Asks For Public Input
The United States Treasury Office has asked for public input to come up with guidelines for the cryptocurrency industry in the country.
The office, which published a Request For Comment (RFC) earlier this week said that the report will be submitted to the US President after the closure of the request on August 8.
The report is titled “Ensuring Responsible Development of Digital Assets,”.
“Along with preserving global financial stability, the U.S. aims to reduce systemic risk, risks associated with illegal financial activities, and dangers to national security. The objectives are concerned with putting the U.S. in a leading position in virtual currency innovation, advancing the availability of reliable and cheap financial services, and “support of technological advancements that encourage responsible development and the use of virtual currencies” concerning allowing the crypto market to develop.
“This notice invites interested members of the public to provide input pursuant to Executive Order 14067 of March 9, 2022, “Ensuring Responsible Development of Digital Assets.” In particular, the Department invites input, data, and recommendations pertaining to the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses, and for equitable economic growth.
” This Request For Comment (RFC) offers an opportunity for all interested parties to provide relevant input, data, and recommendations pertaining to the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses, and for equitable economic growth.” the statement said.
The RFC identifies the issues of Risks to Consumers, Investors, and Businesses, General Risks in Digital Assets Financial Markets, Opportunities for Consumers, Investors, and Businesses, Adoption to Date and Mass Adoption, as well as its impact on the Most Vulnerable.
The objectives of the policy include the protection of consumers, investors, and businesses in the United States, protection of the United States and global financial stability and the mitigation of systemic risk, tackling of illicit finance and national security risks posed by the misuse of digital assets.
This is in addition to the reinforcement of U.S. leadership in the global financial system and in technological and economic competitiveness, promotion of access to safe and affordable financial services as well as supporting technological advances that promote responsible development and use of digital assets.
There are indications that this may spearhead the much-expected regulations of the cryptocurrency industry by the US government.
The US is still considered one of the countries with less stringent measures around the cryptocurrency industry.