Treasury Department Seeks Comment on Crypto Risks

The U.S. Department of Treasury is asking for public touch upon any dangers that digital belongings pose by way of illicit finance and nationwide safety. 

This Request for Comment (RFC) shall be open by means of Nov. 3. It follows President Joe Biden’s govt order, “Ensuring Responsible Development of Digital Assets” which was issued in March and the Treasury Department’s Illicit Finance Action Plan that was launched final week, the Treasury Department mentioned Monday (Sept. 19) in a press release. 

“Without appropriate controls and enforcement of existing laws, digital assets can pose a significant risk to national security by facilitating illicit finance, such as money laundering, cybercrime and terrorist actions,” U.S. Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson mentioned within the launch. “As we work to implement the Illicit Finance Action Plan, hold bad actors accountable and identify potential gaps in existing enforcement, we look forward to receiving the public’s input on this urgent work.” 

The govt order issued in March goals to ascertain a single, government-wide coverage on cryptocurrencies and different digital belongings. 

Read extra: Biden’s Executive Order Set to Fast-Track Crypto Policy 

It has six areas of focus, together with shopper and funding safety, defending monetary stability, stopping illicit finance, advancing U.S. management within the world monetary system and financial competitiveness, selling monetary inclusion and inspiring accountable innovation. 

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra mentioned on March 9, the day the manager order was issued, that the company is dedicated to selling competitors and innovation whereas additionally decreasing the dangers that digital belongings doubtlessly pose to security and safety. 

Read extra: CFPB’s Chopra: Biden Order Recognizes Digital Asset Markets’ ‘Profound Implications’ 

“Today’s executive order recognizes that the dramatic growth in digital asset markets has created profound implications for financial stability, consumer protection, national security and energy demand,” Chopra mentioned on the time in a press release. 

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