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US treasury department plan to take public feedback on crypto regulation on illegal activities

The United States Department of the Treasury will soon be soliciting feedback from the general public regarding digital assets. The Department of the Treasury is particularly interested in hearing the public’s thoughts regarding how regulations might address the illegal applications of cryptocurrency.

In a document that will be published on Tuesday in the Federal Register, the United States Department of the Treasury will ask for public feedback on “digital-asset-related illicit finance and national security risks as well as the publicly released action plan to mitigate the risks.” This request is in response to an executive order that President Joe Biden issued in March regarding cryptocurrency.

The department extended an invitation to the general public, asking them to provide their feedback on the regulatory obligations that had been imposed by the United States government that were “no longer fit for purpose as it relates to digital assets,” as well as their ideas for alternative regulations that would address the risks and vulnerabilities associated with illicit finance.

“Illicit activities highlight the need for ongoing scrutiny of the use of digital assets, the extent to which technological innovation may impact such activities, and exploration of opportunities to mitigate these risks through regulation, supervision, public-private engagement, oversight, and law enforcement,” said the Treasury.

The request for public comment:

US treasury department plan to take public feedback
US treasury department plan to take public feedback

To be more specific, the United States Treasury asked for potential additional steps it might take in order to address ransomware attacks, illicit finance risks posed by cryptocurrency mixers and DeFi, and how the government could coordinate anti-money laundering and combating the financing of terrorism policy at the state and federal levels. The deadline for the public to submit their opinions is November 3rd.

After the White House published a regulatory framework for digital assets on September 16, the administration then asked for feedback from the general public. The government has been attacked by a number of people in the industry, including crypto advocacy organisations, for seeming to place more of an emphasis on the illegal applications of cryptocurrency rather than on its potential advantages. By February 2023, the Treasury Department will have developed what it calls an “illicit finance risk assessment on decentralised financing” in order to fulfil one of the objectives of the framework.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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