The request for comment led to the making of 3 reports from the Treasury debating the future of transactions, the effect crypto might have on users, and insecurity issues that can arise due to crypto-related legal violations.
The U.S. Treasury Department is extending its hand expecting citizen support in identifying ways to avoid financial crimes in the crypto assets’ universe.
The nation’s finance office issued a request for comment on Monday, asking representatives of the public to put forward their point of view on crypto assets and the part they might play in illegal finance. As per a report: “Through this request for comment (RFC), Treasury is requesting input from the public to understand the public’s view on the emerging risks as well as what actions the U.S. government and Treasury Department should take to mitigate the risks.”
The notice is related to the executive order passed by President Biden on “Ensuring Responsible Development of Digital Assets,” which was included in the constitution in the month of March this year. It covers every now and then updates of these 3 crypto reports proposed by the Treasury, which were printed recently regarding the upcoming condition of transactions, the potential outcome the technology could have on investors and trades, and methods to reduce financial crime. The White House also made public its first comprehensive framework for controlling the sector that day itself.
In the current notice, the Treasury has asked representatives of the public to come ahead to raise their POVs on five issues: illicit finance risks, anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, implementing global AML and CTF standards and engaging with the private sector on AML and CTF regulations.
The Treasury’s letter consists of several different questions for the representatives, asking whether it has “comprehensively defined the illicit financing risks associated with digital assets.” It also quizzes the members to suggest potential “illicit finance risks” which are related to DeFi and NFTs.
Other questions were about the possible methods the government can strategize to avoid digital assets-related crimes and control hackers, analytics tools, and tactics the Treasury can utilize to ward off illegal finance.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.