U.S. Treasury seeks public opinion on digital asset risks

The U.S. Department of Treasury is seeking public opinion on the “responsible development of digital assets” and has requested comments from the general public on national security and illicit financing risks posed by digital assets. 

See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’

Fast facts

• Comments can be submitted until Nov. 3 through the Federal eRulemaking Portal: www.regulations.gov, the Treasury said on Monday. 

• “Treasury is requesting input from the public to understand the public’s view on the emerging risks as well as what actions the U.S. government and Treasury Department should take to mitigate the risks,” the department said.

• The department asks the general public to answer questions on topics including illicit financing risks, anti-money-laundering regulation and supervision, and on central bank digital currencies (CBDCs). 

• The Terra-LUNA crash has led to several liquidations and bankruptcies in the cryptocurrency industry, forcing regulators all over the globe to take a stricter approach in regulating digital assets. 

• While Australia is banking on “token mapping” to identify gaps in regulations, countries such as Singapore, India and Thailand are increasingly tightening their oversight to improve investor protection.

See related article: Indian finance minister urges IMF to lead crypto regulation