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Treasury Seeks Feedback on Digital Asset Risks

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What You Need to Know

  • Treasury's request for comment is part of President Biden’s executive order on digital assets.

The Treasury Department said Tuesday that it is seeking public comment on opportunities and risks presented by developments and adoption of digital assets.

The request for comment is part of Section 5 of President Joe Biden’s Executive Order 14067, “Ensuring Responsible Development of Digital Assets,” which directs Treasury, in consultation with the Labor secretary and other relevant agencies, to report to the president on the “implications of development and adoption of digital assets and changes in financial market and payment infrastructures” for United States consumers, investors and businesses.

“For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams,” said Nellie Liang, undersecretary of the Treasury for domestic finance, in a statement.

Through its request for comment, Treasury is requesting input from the public that will inform its work in carrying out its mandate under section 5(b)(i) of the Executive Order.

“This RFC offers an opportunity for all interested parties to provide relevant input, data, and recommendations pertaining to the implications of developments and adoption of digital assets and changes in financial market and payment infrastructures for U.S. consumers, investors and businesses,” Treasury said in the statement.

Comments that respond to the notice will be available on regulations.gov.

House Ways and Means Committee Chairman Richard Neal, D-Mass., recently asked the Government Accountability Office to investigate the hazards to retirement savings posed by offering cryptocurrency in retirement plans.