The US Treasury Asks the Public to Help Guide the Future of Crypto Regulation

The United States Department of Treasury published a notice on Monday, September 19th, calling on the public to comment on various crypto-related questions. There is a special focus both on crypto-related crime, and ways to curtail said illicit behavior without stifling progress.

The Treasury Calls on the Public to Comment on Digital Assets Regulation

After the White House revealed its first-ever framework on digital assets regulation, the Department of Treasury stepped up its crypto-related activity. Already on Friday, the government agency published a set of reports concerning the announcements. Today, the Treasury published its call for comments to the public which specifically names Biden’s “Ensuring Responsible Development of Digital Assets.” executive order.

This notice invites interested members of the public to provide input pursuant to The Executive Order of March 9, 2022, “Ensuring Responsible Development of Digital Assets.” In particular, the Department invites comments on the digital-asset-related illicit finance and national security risks as well as the publicly released action plan to mitigate the risks.

Judging by the specific questions posed in the notice, the Treasury is particularly interested in how they can help curtail digital-assets-related illicit activity, and how they can ensure across-the-board uniform enforcement of regulations. They also appear to be very interested in implementing consumer access to safe and affordable financial services and promoting innovation in the field of digital assets.

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The Struggle to Regulate Crypto

This year has seen a lot of government interest when it comes to digital assets. While the SEC has been the most noticeable—and perhaps the most criticized—for its aggressive actions, it is far from the only agency taking crypto-related action.

Last week, the chairman of the CFTC, Rostin Behnam, spoke before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry requesting more authority over the crypto sector for his agency. Much like the SEC, this agency has been taking active steps in combating illicit behavior related to digital assets. Currently, the biggest move CFTC is handling is the $1.7 billion case against Mirror Trading.

The Treasury is also not the only government agency seeking comments from outside sources. While today’s notice was directed toward “interested members of the public”, Congress took a somewhat different approach last week. The House Committee on Oversight and Reform sent five letters to various crypto firms asking them both what they are doing to prevent digital assets crime, and how they can assist in these efforts.

Do you think the regulators will keep public interest and opinions in mind when creating new digital assets legislation? Let us know in the comments below.