Treasury to launch financial education initiative around crypto investments
The United States Treasury Department is launching a new initiative to raise awareness of the risks involved in investing in digital assets.
The move comes as the asset class transitions from a niche market into mainstream investment according to a top Treasury official, potentially drawing in less sophisticated investors.
The Department’s “Financial Literacy Education Commission” is developing educational materials designed to inform the public how crypto assets operate and how they differ from traditional assets.
Treasury undersecretary for domestic finance, Nellie Liang, told Reuters that the target demographic is people that have limited access to mainstream financial services. She stated:
Liang added that it was an area where more education and awareness “would be helpful.”
Better education and financial literacy are obviously of public benefit, as there has been criticism that the focus from regulators to date on “protecting” consumers has actually led to the exclusion of disadvantaged communities from accessing crypto wealth-building opportunities.
Cleve Mesidor, founder of The National Policy Network of Women of Color in Blockchain, told Cointelegraph Magazine recently:
The new education division comprises 20 different agencies, including the Securities and Exchange Commission. The initiative may ease concerns that regulators have over the risks associated with crypto investing and could bolster their ongoing mission to protect investors from industry scams.
The Treasury Departmentappears to be taking a proactive approach to the problem, acknowledging that digital assets could offer additional benefits for cross-border payment or financial inclusion. Liang added:
This week, U.S. President Joe Biden is expected to sign an
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