White House Seeks Public Comments on Crypto Assets, Blockchain Technology, and Decentralized Finance

The Biden administration is asking the public what they think of digital assets and blockchain technology as a means of formulating upcoming cryptocurrency policy.

In a new government document, the White House Office of Science and Technology Policy (OSTP) is seeking the public’s help in identifying key areas in the crypto industry that require more research and development.

“This [OSTP] Solicit public comments to help identify R&D priorities related to digital assets, including various underlying technologies such as blockchain, distributed ledgers, decentralized finance, smart contracts, and cybersecurity and privacy (e.g., fundamentals of cryptography and quantum resistance properties), programmability and sustainability as they relate to digital assets. “

In the document, the White House also asked the public which sectors of the market they believed virtual assets were harming.

“Information about targets, sectors, or applications in which digital assets may present risks or harms, and examples in which risks or harms have manifested . . .

Where relevant, respondents are encouraged to demonstrate how digital assets introduce new risks or hazards in advancing underlying objectives, sectors, or applications compared to the use of traditional databases or other technologies. ”

The White House went on to note that it is currently exploring the possibility of creating a central bank digital currency (CDBC) or a crypto asset backed by the nation’s central bank, adding that it also wants to know what the public thinks about CDB.

“In the public sector, the United States is exploring whether a CBDC could provide a trusted infrastructure to facilitate transactions in a highly digitized world. …

Respondents are encouraged to describe the issues discussed, where relevant [research and development] This topic may help to align a potential US CBDC system with the policy goals of the US CBDC system. “

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