US Treasury Requests Public Comments on Digital Asset Policy
The US Treasury is calling for public comment on its digital asset policy, which is still pending. The request was received due to the fact that the Ministry of Finance is working on responding to President Biden's decree on cryptocurrencies.
The Treasury asks the public to comment on the risks and benefits of cryptocurrencies.
The request for public comment was published in the Federal Register on July 8, but the Ministry of Finance did not officially announce it until July 12. The request was received due to the fact that the Ministry of Finance is strengthening its policy on digital assets.
"For consumers, digital assets can present potential benefits, such as faster payments, but also potential risks, including risks associated with fraud and fraud," Nelly Liang said in a statement.
Deputy Minister of Internal Finance Liang spearheaded the Ministry of Finance's proposal to regulate stablecoins, which ultimately concluded that Congress should limit the issuance of stablecoins by insured depository institutions, i.e. banks.
The statement of the Ministry of Finance also notes concern that digital assets pose a greater risk to vulnerable groups of the population:
"The growth in the use of digital assets and differences between communities can also pose a disproportionate financial risk to less informed market participants or exacerbate inequality. It is crucial to ensure that digital assets do not pose excessive risks to consumers, investors or businesses, and to implement safeguards as part of efforts to expand access to secure and affordable financial services for more vulnerable populations."
Last week, the Treasury sent the White House its regulatory framework for international cooperation in the regulation of cryptocurrencies. Back in March, President Joe Biden issued an order underlying the development.
https://coin-signal.com/cryptonews/us-treasury-requests-public-comments-on-digital-asset-policy/
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