US Treasury invites public comments on digital assets

The US public has until August 8 to share comments on the risks and opportunities of all sorts of digital assets, setting in motion the sweeping administrative effort President Biden laid out in his March executive order.

The US Department of Treasury called on US consumers, investors, and businesses to provide “relevant input, data, and recommendations” relating to the risks and opportunities of digital assets such as cryptocurrencies, stablecoins, and CBDCs. The request for comment (RFC) closes on August 8.

Learnings will feed Treasury’s report on “the conditions that drive broad adoption of digital assets,” as well as “the implications for the United States financial system, the modernization of and changes to payment systems, economic growth, financial inclusion, and national security.” Due in September, the report is part of the strategy outlined in the US administration’s executive order, which President Joe Biden signed in March.

The executive order did not explicitly direct the agency to consult the public on the matter. “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,” Under Secretary of the Treasury for Domestic Finance Nellie Liang said in a statement.

The RFC comes weeks after Senators Lummis and Gillibrand published a draft version of their sweeping crypto bill, which proposes to require full collateralization for stablecoins and register DAOs as legal entities, among other regulations. As for Treasury’s RFC, it seeks to establish the pros and cons of digital assets as a whole.

The call encourages respondents to tackle specific questions, including on “specific statutory, technology, or infrastructural developments that would facilitate further adoption” of digital assets, “potential benefits of decentralized and disintermediated systems,” and technological risks.

All submitted comments will be available to the public on Regulations.gov once reviewed. Since publishing the RFC on July 8, the system recorded four comments, which at the time of writing have not yet been published.