The U.S. Department of the Treasury is launching a cryptocurrency awareness program. “We’re just trying to raise awareness without trying to stamp out new technology and new innovation,” said an official of the Treasury.
Treasury’s Efforts to Raise Crypto Awareness
The U.S. Department of the Treasury is launching an initiative to raise awareness about cryptocurrency investing, Reuters reported Tuesday, citing an interview with Nellie Liang, Treasury undersecretary for domestic finance.
“We’re hearing more and more about investors and households who are purchasing crypto assets, and we recognize the complexity of how some of these assets operate,” Liang described, adding:
It felt like this is an area also where more education (and) more awareness could be helpful.
The Treasury’s Financial Literacy Education Commission will create educational materials and organize outreach on digital assets. The Treasury’s education unit comprises 20 different government agencies, including the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC).
The government aims to inform the public about how crypto assets work and how they are different from other forms of payment. The Treasury’s outreach will focus on investors with limited access to mainstream financial services, Liang detailed.
The undersecretary explained that while there are risks associated with crypto assets, the Treasury is aware of their benefits, such as improving cross-border payments or bolstering financial inclusion.
Liang clarified:
We’re just trying to raise awareness without trying to stamp out new technology and new innovation.
President Joe Biden issued an executive order on the regulation of crypto assets Wednesday. The order directs Treasury Secretary Janet Yellen to submit a report within 180 days on the future of money and payment systems, “including the conditions that drive broad adoption of digital assets,” the White House said.
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