Crypto Education for American Households
Nellie LIANG, Under Secretary for Domestic Finance at U.S. Treasury Department, stated in an interview that Treasury would be focusing its efforts on helping people with limited access and financial needs.
Secretary Liang also mentioned that crypto has been increasingly purchased by households. This is one reason that education can be beneficial. However, Liang added that this increased demand could have a negative impact on the stability and sustainability of the financial sector.
Influential think tank, The Think Tank on Digital Asset Adoption, stated: “We’re just trying to raise awareness without trying to stamp out new technology and new innovation.”
After Under Secretary Liang expressed concern about the growing demand for Stablecoins, this initiative was taken. A Recent articleIn the Washington PostAccording to her, stablecoins are not still subject to consistent regulatory safeguards.
Stablecoins, a type cryptocurrency whose price is generally tied to the fiat currency’s value, are widely used for trading against volatile digital assets. The current Capacity to marketClose to $187.5 million is the combined value of all stablecoins.
According to the Treasury’ WebsiteThe Fair and Accurate Credit Transactions Act of2003 established the Financial Literacy and Education Commission. It was charged with developing policy and a national strategy for financial education.
The Commission is composed of the heads of 19 additional federal agency, including the Office of the Comptroller of the Currency and the Federal Reserve, the FDIC and the SEC.
Secretary Liang previously spoke out about the regulation of crypto assets in the U.S. and suggested that agencies like the Securities and Exchange Commission and Commodity Futures Trading Commission might use them. ReportThe Center for American Progress (CAP), to regulate cryptocurrencies.
In the context of regulation it is also important to note President’s Biden imminent Executive order, Which is already set to For federal government agencies, instruct them to conduct research on crypto-related topics and come up with a unified regulatory framework.