The White House Office of Science and Technology Policy (OSTP) is soliciting public feedback for the formulation of cryptocurrency policy.
Public opinion on the issue will be key in identifying key focus areas in cryptocurrency research and development, the OSTP said in its Jan. 26 journal, according to the entity.
The agency working on the policy on behalf of the Fast Track Action Committee (FTAC) said that the comments submitted by March 23 should cover cryptocurrencies in general and other areas such as blockchain, distributed ledgers, and decentralized finance. I pointed out that we should focus on related elements (DeFi), smart contracts.
Additionally, the OSTP indicated that it seeks to find public opinion on cybersecurity and privacy related to cryptocurrencies, while noting that the study aims to be comprehensive. The United States has confirmed that it is actively considering the deployment of a Central Bank Digital Currency (CBDC).
“OSTP seeks a response that can inform the full range of federal R&D priorities related to digital assets, including R&D initiatives that can complement Federal Reserve research and experimentation related to CBDC.” the agency said.
Capabilities of the crypto sector
At the same time, the White House noted that research needs are also necessitated by sector growth that could support economic development.
“Digital assets are gaining interest for a variety of use cases that help grow economies, deliver social benefits, and promote equity and inclusion. <…> The federal government must help ensure that the potential of digital assets is realized in sectors that provide value, while at the same time taking steps to ensure that this realization is achieved with appropriate guardrails. added OSTP.
It is worth noting that the latest request from the White House comes after the agency asked federal agencies to spearhead cryptocurrency research and development. In this line, several institutions give their views on the development of the cryptographic phase.
Despite the development, the White House was skeptical, noting that digital assets pose significant risks. Notably, lawmakers also took up the mantle of introducing several proposed crypto regulation bills.