US Treasury Department To Hold Referendum On President Biden’s Executive Order

The US Treasury Department has begun accepting letters for comment on President Biden’s March executive order to establish a common regulatory regime for cryptocurrencies.

In the announcement, the US Treasury Department said it was opening a referendum before submitting to the White House a formal report on the impact of crypto on the entire financial market and payment infrastructure within the framework of an executive order of president Joe Biden announced in March.

The public comment portal opened on the Federal Register on July 8, but the agency only announced it today. Citizens will have until August 8 to submit comments to the US Treasury on what they believe could potentially impact crypto adoption and investment.

Under Secretary of the Treasury for Domestic Finance, Nellie Liang said:

“For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams. The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work.”

In March, President Biden asked agencies in the federal government, especially the Treasury Department, to develop policy recommendations to develop a common regulatory framework for the cryptocurrency sector.

US Treasury Secretary Janet Yellen will submit a formal report to the White House in September, so the comment portal will be closed by August 8.

In compliance with the executive order, the US Treasury provided to President Biden on July 7 a framework on crypto for US government agencies to collaborate with their overseas counterparts. Liang has previously urged Congress to establish legislation governing stablecoins and pushed to increase digital asset financial literacy among people who lack access to traditional financial services.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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