The United States Department of Commerce is requesting proposals on how to establish a framework that will strengthen the economic competitiveness of the United States in the field of digital assets, including cryptocurrencies and stablecoins.
The Department of Commerce (DoC) intends to post a series of 17 questions in a request for comment through the International Trade Administration. The request will be published in the Federal Register on Thursday.
The questions showcase the DoC’s efforts to develop a framework for challenges to the growth of the US economy in relation to digital assets.as called for in President Joe Biden’s Executive Order.
The questions will cover a range of topics related to cryptocurrency businesses in the United States, such as views on how regulations can improve competitiveness and obstacles entrepreneurs currently face. It will also cover digital asset mining, likely in relation to Bitcoin (BTC) and Ether (ETH). One question reads:
“What, if any, is the future role of digital asset mining in the US digital asset industry? How can the US government and business drive competitive and sustainable development (for the environment)? environment and energy consumption) of digital assets?”
The United States is currently the largest Bitcoin mining country, producing 37.84% of the world’s hashing power in January, according to the Cambridge Bitcoin Electricity Consumption Index. Based on this metric, it seems like there are a lot of companies that believe in the future of digital asset mining.
Remember Biden’s crypto executive order from two months ago?
Buried in it was homework for the Department of Commerce:
Make a plan for driving US competitiveness and leadership in crypto.
Well… ():https://t.co/zvAbUpG7M8 pic.twitter.com/ymzm1f9g13
— Adam Kovacevich (@adamkovac) May 10, 2022
Remember Biden’s cryptocurrency executive order from two months ago? Hidden in that order was a task for the Commerce Department: Make a plan to boost America’s competitiveness and leadership in cryptocurrencies. Well… ():
Among those miners, the demand for carbon-neutral and sustainable energy sources is on the rise. Investors like Kevin O’Leary, who are driving demand for sustainable mining, told Cointelegraph on May 10 that the cryptocurrency industry is “at an interesting tipping point” when it comes to environmental awareness.
Although the Federal Reserve Board reiterated in its May 9 Financial Stability Report that it currently has no plans to develop a central bank digital currency (CBDC), one of the DoC questions will ask about the potential impact of deploying a CBDC.
The DoC will also ask whether digital assets can help unbanked Americans access financial tools they may need but can’t get through traditional means.. Banking the unbanked has long been a use case that crypto industry insiders tout as a natural fit for the technology:
“What role can the federal government and the digital asset industry play in ensuring that unbanked Americans can benefit from the increased commercial availability of digital assets?”
The request for public comments will serve as the basis for the DoC’s reflection when preparing the regulatory framework for the business of digital assets in the United States. This early and open approach to DoC efforts mirrors Commerce Secretary Gina Raimondo’s March 9 statement in response to President Biden’s Executive Order. She said her department would promote “the resiliency of the American financial system” by working with digital asset industry partners to “mitigate risks to the companies and individuals that depend on it.”
If the questions are published on Thursday, as expected, comments will be accepted until July 5, which can be sent to firstname.lastname@example.org.
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