The Department of the Treasury is soliciting public comments, recommendations and insights on the implications of the development and use of digital assets as well as financial market and payment infrastructure changes for U.S. consumers, businesses and investors.
The Treasury will use public input to inform its report in compliance with an executive order signed in March that outlines a national policy for digital assets to protect U.S. consumers, businesses and investors, safeguard financial stability and mitigate illicit finance, among other goals, according to a Federal Register notice published Friday.
The agency is asking interested stakeholders to respond to several questions regarding the current adoption of digital assets and factors that would facilitate mass adoption; opportunities from digital assets for consumers, investors and businesses; risks arising from current market conditions in digital assets; potential risks to consumers, investors, and businesses that may arise through engagement with digital assets; and impact on the most vulnerable.
For opportunities from digital assets for U.S. customers, companies and investors, the department is requesting insights on potential benefits of decentralized and disintermediated systems and development of new types of financial products and contracts.
Comments are due Aug. 8.
The Treasury announced Thursday that it submitted to the White House a framework for international engagement on digital assets in accordance with the March executive order.
According to the framework, the U.S. will continue to collaborate with foreign partners on standards for the development of central bank digital currencies and digital payment architectures to mitigate payment inefficiencies and ensure that new payment platforms are in line with U.S. legal requirements and values.
The framework outlines how the U.S. government will work with the G7, G20, Financial Stability Board, Financial Action Task Force, Organization for Economic Cooperation and Development, International Monetary Fund, the World Bank, standard-setting bodies and other international organizations to address digital asset issues.