The U.S. Treasury Department asked the public for comment on the potential benefits and risks associated with digital assets.

The request itself was issued on July 8, pursuant to the decree of the country’s President Joe Biden. According to the latter, the Ministry of Finance should examine the impact of cryptocurrencies on the financial system, economic growth and national security.

“For consumers, digital assets can present potential benefits, such as faster payments, as well as potential risks, including those related to fraud,” said Nelli Liang, vice president of the local finance department.

The authors of the document stated that the main goals of US digital asset policy are:

• protection of consumers, investors and businesses in the country;
• Protecting the US and global financial stability as well as reducing systemic risks;
• reducing national security risks associated with the illegal use of cryptocurrencies;
• support for technological advances and more.

“The increase in the use of digital assets and the disparities between communities may pose a differential financial risk or exacerbate inequalities for less informed market participants,” the document says.

The Ministry of Finance invited the public to answer a series of questions. Specifically, to point out the reasons for the popularity of cryptocurrencies, point out the advantages of decentralized systems, and assess potential risks, including loss of private keys and the “authenticity of digital assets”.

The office will complete the collection of comments on 8 August 2022.

Former Vice President fed Lael Brainard has called for tighter regulation of the industry. At the same time, it did not see threats to financial stability due to the small size of the market and its weak relationship with the classical economic system.

In June 2022, Fed Chairman Jerome Powell said that the Fed is keeping a close eye on cryptocurrencies. According to him, the industry does not yet have a significant impact on the macroeconomics.

Recall that Cardano founder Charles Hoskinson proposed at a hearing in the US Congress to regulate cryptocurrencies in the form of a public-private partnership similar to the Internet.

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