Treasury Department Requests Your Thoughts on Biden’s Crypto Order

Biden's Crypto Order
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The Biden Administration formally issued a call for public comment on potential future U.S. policy regarding digital assets.

President Joe Biden’s Executive Order on digital assets was the subject of an open call for comments from the US Department of the Treasury on Tuesday.

The Biden Administration and the U.S. Treasury are seeking public feedback on Biden’s Executive Order 14067 in an effort to tap into the wisdom of the crowd.

Nellie Liang, Under Secretary of the Treasury for Domestic Finance, said in a statement that “for consumers, digital assets may bring potential advantages, such as speedier payments, as well as possible concerns, including risks connected to frauds and scams.” “The Treasury Department is seeking public opinion as we participate in this critical task in order to benefit from the experience of the American people and market players.”

The March 9 signing of the “Ensuring Responsible Development of Digital Assets” order laid out U.S. policy goals for virtual currencies like Bitcoin, Ethereum, and stablecoins. With a view to regulating cryptocurrency and safeguarding consumers, it urged various government organizations to coordinate their efforts.

The order is now moving into the public input stage. Executive Order 14067 comments must be sent by August 8; that’s only four weeks from now.

According to the Treasury’s announcement on Tuesday, this phase is an opportunity for all parties interested to offer pertinent feedback and suggestions on “the implications of development and adoption of digital assets and changes in the financial market and payment infrastructures for United States consumers, investors, businesses, and for equitable economic growth.”

The announcement outlines the following goals for the Biden Administration:

  1. Protection of American consumers, investors, and companies
  2. Systemic risk reduction, US financial stability protection, and global financial stability protection
  3. Reducing vulnerabilities to national security and illicit financing brought on by the improper use of digital assets
  4. Strengthening of the United States’ position as a technical and economic leader, especially through fostering ethical development of payment technologies and digital assets.
  5. Increasing access to trustworthy and reasonably priced financial services
  6. Encourage technology developments that encourage the ethical creation and use of digital assets.

In addition to these policy goals, Biden has directed government organizations, such as the Environmental Protection Agency, to submit a report to the president within 180 days of the order that will analyze the environmental impact of cryptocurrencies and the impact of the blockchain consensus mechanisms, such as proof of work and proof of stake, on energy use.

Gavin Newsom, the governor of California, issued a similar executive order in May, instructing state agencies to investigate cryptocurrencies and provide recommendations on how to integrate them into the governance of the Golden State.

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