The United States Treasury is working to create a report on crypto. That report will be further examined by the presidential administration to understand the risks and benefits associated with cryptocurrencies.

In the present situation, the crypto industry is going through a phase where the majority of the world population is not sure about the future existence of the crypto industry. However in a few countries like El Salvador, the Central African Republic (CAR) etc, the future of crypto looks much brighter because of current crypto-friendly government policies, but there are many countries which are showing a highly bitter stance toward this innovative industry and the best example which suits in this category perfectly is China, which banned crypto in 2021 fully. 

The US Treasury Department invited US citizens to give their opinion on cryptocurrencies. Through the given portal, people can submit their point of view in favour or against cryptocurrencies. The last date to submit the opinion for the public will remain available till 8 August.

After getting all the public opinion, the US Treasury Department will study it in detail and further create a report on behalf of this public opinion. That report will further go through submission to President Joe Biden. According to reports, the President & his team will study the report, to introduce some updates to the existing rules in the crypto sector. 

The undersecretary for domestic finance at US Treasury Department, Nellie Liang, said that the department is seeking to get detailed information as a benefit from the crypto market participants and interested population. 

“(Treasury will) benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work.”

Leading crypto news platform Coindesk reported that Janet Yellen, Secretary of US Treasury, must also report a file for the same in the White House as a response to the president’s order.

Read also: Judge Refuses Attorney-Client Privilege Claims of SEC: XRP lawsuit



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