White House Requests Public Comment On Crypto Assets As Upcoming Policies In 2023

Key Points:

• The White House’s Office of Science and Technology Policy (OSTP) requested public assistance in identifying critical areas of crypto assets.
• The White House is now investigating the prospect of developing a central bank digital currency (CDBC).

The Biden Administration is seeking public feedback on crypto assets and blockchain technology in order to develop future crypto policy.

The White House’s Office of Science and Technology Policy (OSTP) has requested public assistance in identifying critical areas of the crypto industry that require additional research and development in a new official paper.

The White House Office of Science and Technology Policy (OSTP)…requests public comments to help identify priorities for research and development related to digital assets, including various underlying technologies such as blockchain, distributed ledgers, decentralized finance, smart contracts, and related issues such as cybersecurity and privacy ( e.g., cryptographic foundations and quantum resistance), programmability, and sustainability as they relate to digital assets.

The White House also asks the public in the document which segments of the market they believe virtual assets are affecting.

Information about goals, sectors, or applications where digital assets might introduce risks or harms, and examples of where risks or harms are already being manifested… Where relevant, respondents are encouraged to justify how digital assets are introducing new risks or harms in advancing the underlying goal, sector, or application compared to the use of traditional databases or other technologies.”

The White House goes on to say that it is now investigating the prospect of developing a central bank digital currency (CDBC), or a crypto asset backed by a country’s central bank and that it would like to know what the public thinks of a US CDBC.

Respondents are encouraged to, where relevant, describe how the discussed [research and development] topic could be useful in helping a potential US CBDC system align with the Policy Objectives for a US CBDC System.

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