US Treasury Begins Public Consultation on How to Regulate Crypto
The US Department of Treasury is seeking public opinion on the “responsible development of digital assets.” Its questions focus on a variety of crypto-related aspects, including decentralized finance (DeFi), non-fungible tokens (NFTs), mixers, virtual asset service providers (VASPs), and the digital dollar.
Per the Treasury's document, “in particular, the Department invites comments on the digital-asset-related illicit finance and national security risks as well as the publicly released action plan to mitigate the risks.”
The questions open for commenting include:
Comments can be submitted until November 3 and are part of the public record.
Many in the Cryptoverse, however, have long criticized the US government for heavily focusing on illicit uses of cryptoassets, disregarding any of its potential benefits.
The Head of Policy at the Blockchain Association Jake Chervinsky argued that it is the Terra/LUNA collapse that massively damaged the government’s already poor perception of crypto.
Meanwhile, the Treasury has requested comments from the public pursuant to the Executive Order of March 9 this year, “Ensuring Responsible Development of Digital Assets,” it stated. The order sought to create a framework of stricter and, as some argued, more coherent regulations for the crypto sector.
The order stated that the government “must reinforce the United States’ leadership in the global financial system and in technological and economic competitiveness,” a measure that includes “the responsible development of payment innovations and digital assets.”
It also called on a number of government agencies to report back to the executive with their proposals on how to govern the sector and create customer protection protocols within 90-180
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