The US Treasury Department has released a new report on cryptocurrencies. In fact, crypto firms have been eagerly awaiting a series of reports from the US government. They thought the report would clarify what the Biden administration and regulators were planning to do about digital assets. However, that was not the case. Reports have surfaced, but the Biden administration’s outlook on crypto remains blurred.
Treasury Department releases new cryptocurrency report
Treasury Department reports, three of which were released on Friday, recommend that the government continue to assess crypto risks. It also recommends that it continue its enforcement actions and continue working on a digital dollar. Treasury Secretary Janet Yellen spoke about the reports in a briefing to reporters. Yellen said:
“The reports clearly describe the problems and risks posed by cryptocurrencies used for financial services. If these risks are eliminated in the future, cryptocurrencies and other emerging technologies will present significant opportunities.”
cryptocoin.com As we reported, the reports came after Joe Biden signed an executive order in March. In this order, Biden urged federal agencies to analyze different aspects and issues around the cryptocurrency ecosystem. He also asked them to offer suggestions on how the US could become a leader in the digital asset industry. It will publish a total of 21 reports by ministries and regulatory bodies such as the Treasury Department.
The most important question still remains unclear
Although various reports have been published so far, one of the most important questions remains unanswered: “What makes a token a security?” Token issuers and trading platforms are hungry for an answer, and the industry continues to complain about navigating without a map. Therefore, not knowing the answer to this question has the potential to lead to costly enforcement actions. SEC Chairman Gary Gensler insists that crypto businesses have a clear and simple map ahead.
Gensler tells a U.S. senator on Thursday that “it takes 10 or 11 years to regulate the asset-backed securities market. Then it hints that a similar process may need to happen in the cryptocurrency space.” A senior administration official told reporters that the reports are advisory to regulators. Accordingly, the government advises the SEC to “issue new rules and guidelines” in the cryptocurrency space. In the US, however, regulatory agencies operate independently of the government.
New cryptocurrency reports in October, February and June
The Treasury will also release a report in February assessing risks in the DeFi space. And in July, it will work on more reports investigating NFTs in July. But the next report, which could carry significant weight, will be out next month. The October report will detail potential financial stability risks from the crypto industry.
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