The Treasury Department wants to know what you think of crypto. The department is soliciting public comments on the impact of digital assets on the lives of ordinary Americans as part of its effort to comply with President Joe Biden’s recent executive order on crypto.
The Biden administration’s executive order on digital assets released in March affirmed the importance of crypto technology, while underlining the need to defend against risks to financial stability, investor safety and national security. The Biden order directed the Treasury Department to work with other agencies to study the potential uses and impact of digital assets.
Nellie Liang, Treasury undersecretary for domestic finance, said the department is “seeking to benefit from the experience of the American people and market participants.”
The department said it is soliciting “relevant input, data, and recommendations” related to how digital assets are developed and adopted, and how these are changing “financial market and payment infrastructures for U.S. consumers, investors and businesses.”
Participants will be asked to respond to a list of questions and topics, including “what businesses are adopting digital assets and for what purposes” and what they see are the “potential risks to consumers, investors, and businesses” as these relate to “frauds and scams” and “losses due to theft.”
The deadline for submitting comments is Aug. 8.
The Treasury Department is making the public request as the crypto industry is reeling from a market crash which saw crypto tokens shed about $2 trillion in value and led to major layoffs and bankruptcies.