The Business Department has 17 questions to help develop a cryptocurrency framework

The Business Department has 17 questions to help develop a cryptocurrency framework – Mail Bonus

The US Department of Commerce is calling for data on how it can establish a framework that will strengthen US economic competitiveness in digital assets, including cryptocurrencies and stablecoins.

The Ministry of Commerce (DoC) intends to publish a series of 17 questions in a request for comment from the World Trade Organization. The request will be published in the Federal Register on 19 May.

The questions are about DoC’s efforts to develop a framework for challenges to the growth of US digital asset economics, as called for in President Joe Biden’s executive order.

Unpublished request for comment from the Ministry of Commerce.

The questions will cover a variety of topics related to cryptocurrency companies in the United States, such as views on how rules can increase competitiveness and what obstacles business owners face. It will also cover digital asset mining, probably in conjunction with Bitcoin and Ethereum. You ask:

“What, if anything, is the future role of digital asset mining in the US digital assets industry? How can the US government and US companies drive the competitive, sustainable (for the environment and energy consumption) development of digital assets? ”

The United States is currently the largest Bitcoin mining country, producing 37.84% of the world’s hash catches as of January, according to the Cambridge Bitcoin Electricity Consumption Index. By that standard, many companies seem to believe in the future of digital learning.

Among these miners, the demand for sustainable energy sources and carbon neutrality is increasing. Investors such as Kevin O’Leary, who is pushing for sustainable mining, told the Cointelegraph on May 10 that the cryptocurrency industry is “at an interesting turning point” when it comes to environmental conscience.

Although the Federal Reserve reiterated in its Financial Stability Report on 9 May that it currently has no plans to develop the Central Bank’s digital currency (CBDC), one of the DoC’s questions will be about the potential impact of the CBDC on trade.

The DoC will also ask whether digital assets can help non-bankers access the financial equipment they may need but cannot access in the traditional way. Non-bank banking has long been a use case that insiders in the cryptocurrency industry regard as a natural skill for technology.

“What role can the federal government and the digital asset sector play in ensuring that underprivileged Americans can benefit from increased access to digital assets for commercial purposes?

The request for public comment will shed light on DoC’s thinking in developing a framework for US digital asset trading regulations. This early, open approach to the DoC’s efforts reflects the statement of Gina Raimondo, Minister of Commerce, on March 9, in response to President Biden’s executive order. She said her department would contribute to the “resilience of the US financial system” by working with partners in the digital asset industry to “reduce risk for companies and individuals who rely on it.

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If the questions are published on 19 May as expected, comments will be accepted until 5 July and can be sent to digitalassets@trade.gov.