In late March 2022, President Joe Biden signed an executive order to take steps toward regulating the crypto market. The executive order on “Ensuring Responsible Development of Digital Assets” directed the US Treasury to solicit public opinion on crypto. Until August 8, 2022, you can send your inputs or recommendations to the United States Treasury on crypto regulation. So, here’s what you need to know about the US Treasury’s request for comment (RFC) on Biden’s executive order on crypto.
What the US Treasury wants to know
The United States Treasury has a few specific requests. “In particular, the Department invites input, data, and recommendations pertaining to the […] adoption of digital assets,” reads the Federal Register. In particular, the RFC names five key questions and several sub-points. Why has crypto gotten so popular, and how are businesses using digital currency? What are the potential benefits of further digital currency adoption? What are the risks? And how could further adoption affect the most economically vulnerable?
Biden’s executive order on crypto has six key policy objectives. These goals are: To protect consumers, investors, and businesses in the US; ensure safe systemic implementation of digital assets; eliminate digital asset fraud; solidify the US as a global digital economic power; provide accessible and affordable financial services, and facilitate technological advancement for digital assets.
What could the Biden executive order mean for crypto?
The Biden executive order on crypto could lead to industry-shaking changes. The Securities and Exchange Commission (SEC) is already investigating further regulation. The SEC Chairman, Gary Gensler, said many crypto lending platforms and DeFi exchanges are “non-compliant” with securities laws. Gensler stated the SEC should remain “technology neutral” while protecting the American public. He recently said that he considers Bitcoin the only cryptocurrency commodity. If that sticks, the rest of the digital asset industry will remain under SEC jurisdiction.
Only time will tell how the United States adopts and regulates cryptocurrency. But, as mentioned, if you’re so inclined, you have until August 8 to submit your opinions to the US treasury.
