Department of Treasury, Washington, D.C. (Source: AdobeStock)
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.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
