Crypto regulation has an important topic of concern for the United States. Recent revelations cite that the White House Office of Science and Technology Policy (OSTP) is looking forward to receiving feedback from the masses that would be utilized for developing a cryptocurrency policy.
The OSTP is a department of the US government with a broad mandate to advise the President on the effects of science and technology on domestic and international affairs.
In a blog post, the OSTP briefed that public opinion on the matters will be vital in identifying critical focus areas in researching and developing cryptocurrencies. The organization is working on the policy on behalf of the Fast Track Action Committee (FTAC).
The blog post also noted that the opinion has to be submitted by March 23 and should focus on cryptocurrencies in general, along with a substantial focus on related elements like blockchain, distributed ledgers, decentralized finance (DeFi), and smart contracts.
In addition, the OSTP also intends to seek public opinion on cybersecurity and privacy concerning cryptocurrencies while noting that the research aims to be comprehensive.
Sources reveal that the United States is actively working on its central bank digital currency (CBDC), and the White House also confirmed that it is pacing towards the rollout of its CBDC.
The agency said:
OSTP seeks responses that could inform the full breadth of Federal R&D priorities related to digital assets, including R&D initiatives that could complement the Federal Reserve’s research and experimentation related to CBDCs.
Simultaneously, the White House also noted that the need for research is also necessitated by the sector’s growth which has the potential to aid economic development. According to the OSTP:
Digital assets have generated interest across various use cases that could help grow the economy, provide societal benefits, and advance equity and inclusion. <…> The Federal Government should help ensure that the potential of digital assets is realized in sectors where it provides value while taking steps to ensure that this realization is achieved with the appropriate guardrails.
Notably, the latest request from the White House comes after the Federal institution agencies to lead the research and development of cryptocurrencies. In this context, several agencies have presented their views on developing a crypto stage.
However, despite the developments, the White House has remained skeptical regarding digital assets highlighting their risks. This comes when the nation is moving towards establishing crypto regulations. The lawmakers have also enthusiastically participated in the process and have introduced several crypto regulation bills.