U.S. Treasury seeks input on cryptocurrency risks, benefits
In an effort to compile a report for President Joe Biden on the ramifications of developments like cryptocurrencies, the U.S. Treasury said on Tuesday that it was looking for input on the dangers and possibilities presented by digital assets.

In an effort to compile a report for President Joe Biden on the ramifications of developments like cryptocurrencies, the U.S. Treasury said on Tuesday that it was looking for input on the dangers and possibilities presented by digital assets.
An executive order Biden issued in March directing government organizations to investigate cryptocurrencies and other digital asset products, such as central bank digital currencies, served as the foundation for the formal inquiry.
Nellie Liang, the Treasury's Under Secretary for Domestic Finance, said in a statement that "for consumers, digital assets may bring both possible advantages, such as speedier payments, and potential concerns, including risks connected to frauds and scams."
Despite worries from regulators and some politicians that the sector lacks enough control, transparency, and consumer safeguards, the crypto market, including bitcoin and other goods, has expanded in popularity quickly in recent years.
The cryptocurrency market has been in upheaval recently, with a number of well-known organizations and tokens imploding or forbidding clients from making withdrawals in an effort to stabilize itself.
The Treasury is seeking information on a wide range of issues, including how companies are utilizing cryptocurrencies, potential gaps in consumer protection, and potential benefits or risks of further bitcoin use for the country's poorest citizens.
Till August 8th, the Treasury will welcome comments.
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