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Aiming to leverage the wisdom of the crowd, the Biden Administration and the U.S. Treasury are asking citizens to comment on Biden's Executive Order 14067.
"For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams," Nellie Liang, Under Secretary of the Treasury for Domestic Finance, said in a statement. "The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work."
The order, "Ensuring Responsible Development of Digital Assets" was signed on March 9 and outlined U.S. policy objectives toward digital assets like Bitcoin, Ethereum, and Stablecoins. It asked multiple government agencies to get on the same page with an eye toward regulating crypto and protecting consumers.
Now the order enters the public input phase. Those looking to comment on Executive Order 14067 have until August 8—just four weeks.
Tuesday’s notice released by the Treasury calls this phase an opportunity for all interested parties to provide relevant input and recommendations on "the implications of development and adoption of digital assets and changes in the financial market and payment infrastructures for United States consumers, investors, businesses, and for equitable economic growth."
The notice lists the Biden Administration's objectives as:
A. Protection of consumers, investors, and businesses in the United States
B. Protection of the United States and global financial stability and the mitigation of systemic risk
C. Mitigation of illicit finance and national security risks posed by the misuse of digital assets
D. Reinforcement of U.S. leadership in the global financial system and technological and economic competitiveness, including through the responsible development of payment innovations and digital assets
E. Promotion of access to safe and affordable financial services
F. Support technological advances that promote responsible development and use of digital assets
Along with these policy objectives, Biden has instructed government agencies, including the Environmental Protection Agency, to submit a report to the president within 180 days of the order that will examine the environmental impact of cryptocurrencies and the effect of the blockchain consensus mechanisms, like proof of work and proof of stake, on energy use.
California Governor Gavin Newsom signed a similar executive order in May, directing state agencies to examine cryptocurrencies and recommend ways to incorporate them into the running of the Golden State.