There has been a call for the public to provide feedback to the US Department of the Treasury regarding the role that digital assets play in the facilitation of illicit finance, as well as the ways in which they can help curb the risks associated with these instruments.
There has been news that the Treasury Department intends to use public feedback as it drafts a regulation bill, as requested by Vice President Biden’s Executive Order on crypto.
Following the Order
In the new notice, an invitation to the public will be made to provide input pursuant to Executive Order 2022-37 on Ensuring Responsible Development of Digital Assets issued by the President on March 9, 2022.
As part of the request for comments, the Department is particularly interested in hearing what you have to say about the risks to national security and illicit finance associated with digital assets, as well as the action plan publicly released to mitigate those risks. In accordance with the announcement, comments are due by November 3, 2022, at the latest.
“Ensuring Responsible Development of Digital Assets,” Executive Order 14067 of March 9, 2022, outlines the principal objectives of US policy regarding digital assets with respect to the policies that are set forth in the executive order.
Among these principal objectives of the US government are ensuring the safety and security of consumers, investors, and businesses in the United States, ensuring the stability and stability of the global financial system, and reducing systemic risk, as well as reducing the risks associated with illicit finance and national security caused by the misuse of digital assets.
In this request for comments (RFC), Treasury Department is seeking input from the public so that the US government and Treasury Department can get a better understanding of the public’s view of the emerging risks as well as what action the government and Treasury should take in order to mitigate these risks. Additionally, Treasury hopes to gain an in-depth understanding of how public-private collaboration may improve efforts to address risk as a result of this RFC.
The Treasury Department is inviting commenters to address a number of questions they have. There are a number of issues that need to be addressed, among them how future technological advancements in digital assets may cause new illicit finance risks. It is also important to ask the United States government what additional steps it should take to deter, if not prevent, international terrorism.
There is no doubt that regulation holds a significant place in the plans of US executives, as revealed in the recent RFC from the US Treasury Department. In order to regulate the crypto industry more efficiently, they are striving hard to find the best solutions for doing so. The public comment can help the regulation to shape carefully here.