The US Treasury Department has issued a call for comments on the executive order titled “Ensuring Responsible Development of Digital Assets” that will take effect on March 9, 2022. The Department is looking for information about the dangers that digital assets pose.
US Treasury requests feedback on cryptocurrency rules.
The US Treasury Department stated in the notice that digital assets have aided financial operations tied to cybercrime. The prevalence of financial transactions involving digital assets raises the possibility of crimes like terrorism, money laundering, fraud, theft, and corruption.
The substantial danger of illegal activity with digital assets has forced the industry to be closely regulated. The Treasury Department announced that it has provided the White House with an action plan to support oversight of digital assets.The US Treasury stated in the report that it will keep an eye on any new dangers in the industry and support additional measures that would reduce the risks brought on by the sector’s explosive growth. Additionally, the Treasury is looking for public feedback to better understand how people feel about the cryptocurrency market and what steps should be made by the Treasury Department and the US government to reduce risks.
Understanding how working with the public and private sectors will strengthen the efforts and address the rising risks is one of the contributions that the Treasury wants. The US Treasury also offered a list of pertinent questions to back up the assessment in the document.Anyone who wants to participate in the process must cite the public information that is relevant to the responses. If the requested data is not publicly available, a description of the requested data must be provided.
Despite an increase in investors and bitcoin social trading platforms in the nation, the US Federal government has previously presented a number of papers in an effort to resolve the murky state of cryptocurrency rules. These reports are related to the White House-signed executive order from March 2022.The White House Office of Science and Technology Policy, the Justice Department, and the Commerce Department, in addition to the US Treasury, have all signed reports. The studies cover a range of topics related to the US crypto market.
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