US Treasury Seeks Comments on Biden’s Crypto Order

According to a report on July 12th, the United States Treasury said on Tuesday that it is seeking input on the risks and opportunities posed by digital assets as US Treasury prepares a report for President Joe Biden on the impact of cryptocurrency developments.

In March, Biden signed an executive order directing government agencies to study cryptocurrencies and other digital asset products (including central bank digital currencies). Based on this, the US Treasury began an official inquiry. Nellie Liang, the Treasury’s undersecretary for domestic finance, said in a statement, “For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams.”

The cryptocurrency market has been volatile in recent weeks. Some high-profile companies and tokens collapsed or refused to allow customers to withdraw cash to maintain stability.

The US Treasury’s inquiry had a broad range of questions, including how businesses use cryptocurrencies, where consumers may not be adequately protected, and how the nation’s poorest people could benefit or be at risk from wider cryptocurrency adoption.