The United States Treasury is looking for highlights regarding the benefits and risks of the crypto space. One of the goals is to achieve the protection of all stakeholders involved. The country has already taken vital steps toward regulation, and stronger laws may arrive this year.
The United States Treasury has revealed a statement saying that it requires comments about the benefits and risks that digital assets might pose for the North American economy. The commentary period will be active until Aug. 8.
According to a statement, the United States Treasury is now looking for comments regarding the benefits and risks digital assets might imply for the American economy. The commentary period will run until Aug. 8, after which the North American Treasury will issue a report that President Biden and his team will study.
The Treasury Would Measure the Pros and Cons of the crypto Sector
The document focuses on many features linked to the crypto market. These aspects might cover the protection of consumers, investors, and businesses, which many government agencies have noted as one of the most prominent priorities.
The United States of America also intends to shield the global financial stability and mitigation of systemic risk, illicit activity, and national security risks.
Concerning the current approval for the crypto market to evolve, the goals primarily focus on putting the United States of America in a leading position regarding digital asset improvements, access to safe and affordable financial features, and the backup of technological advances that encourage responsible development and use of cryptocurrencies.
On the top priority of the sheltering of stakeholders, the statement says that the rise in the use of crypto assets, and differences across communities, may also present a disparity that could lead to financial risk to less informed market participants or aggravate injustice.
The entities have to make sure that digital currencies do not represent undue risks to consumers, investors, or businesses while providing safe financial services to more vulnerable populations.
The statement is yet another step by the Treasury to set their regulations on the crypto market. 2022 seems to be a turning point for the U.S.regarding crypto regulation.
The United States of America Would Focus on Crypto-Regulation
The United States received negative points due to its poor approach to crypto regulation. However, the past two years have seen an unmatched acceleration toward new policies.
The heavy losses that investors experienced during various occasions like the UST decline, the fall of high-profile entities like Three Arrows Capital, and the illegal extraction of crypto by regions like North Korea urged the North American nation to take action on the matter.
The administration clarified that it would allow the market to keep going with its improvements, but it must happen responsibly. The entity has also launched a framework for international cooperation on regulations toward crypto, one of its most prominent movements yet.
Many nations will beg The United States of America for guidance regarding regulation. Fortunately, it seems like the region is willing to let the market exist and carry out its activities through a policy that covers responsibility and balance.
By: Jenson Nuñez
