The United State Department of the Treasury has started accepting comment letters for President Biden’s order to set u a regulatory regime for crypto. The Department says it is requesting comments from the public on the potential risks and opportunities of digital assets.

The U.S. Treasury stated that the input from the public will “inform its work” as it prepares to report to the president on the possible implications of digital assets on payment infrastructures and the financial market.

The Department Wants To Mitigate Risks Of Crypto

According to Biden’s executive order, the Treasury Department should take the lead among other government agencies in developing policy recommendations. The target here is to mitigate both consumer and systematic risks surrounding Cryptocurrencies.

Secretary of the Treasurer for Domestic Finance, Nellie Liang, stated that consumers see digital assets as a way of making faster payments and boosting their investment options. But the potential risks need to be considered, including the risk of volatility, scams, and fraud.

As a result, the Treasury Department wants to benefit from the expertise of market participants and the American people by soliciting comments from the public to get a clearer picture of what is needed.

The Treasury Department also stated that one of the determining factors when setting up policies for vulnerable communities is the lack of financial education when dealing with digital assets.

Comments Will Be Received Until August 8

Digital assets mustn’t be seen as undue risks to businesses, investors, and consumers. This requires all regulatory authorities to provide a more comprehensive approach to protection and regulation. This is part of a larger plan to ensure a safe and affordable financial service experienced by the more vulnerable populations, the Treasury Department noted.

The public has been given until August 8 to submit comments to the Treasury Department on what could be the impact of the mass adoption of crypto assets for businesses and investors. They are also expected to state the potential implications of introducing new financial products and services. Other types of risks, such as market and fraudulent risks, will also be considered before any regulatory proposition is made.