Cryptocurrency

U.S. Treasury Asks for the Help of the NFT and DeFi Communities

In a questionnaire designed to help shape regulation and mitigate crypto-based crime.

Cryptocurrency

U.S. Treasury Asks for the Help of the NFT and DeFi Communities

In a questionnaire designed to help shape regulation and mitigate crypto-based crime.

That’s right, the U.S. Treasury Department is calling on the NFT and DeFi communities to help shape regulation in a recently published questionnaire.

Enthusiasts, degens, and anons alike are invited to share their opinions on a variety of questions from security risks in various digital asset sectors, to thoughts on the development of centralized digital bank currencies (CBDCs), and more.

The questionnaire follows the announcement of three recently published reports by the Department on the subject of “Ensuring Responsible Development of Digital Assets.”

The Treasury’s framework is part of a broader initiative outlined in a “whole of government” executive order that was released earlier this year by President Joe Biden.

One of the most comprehensive frameworks on the subject to date, the “Ensuring Responsible Development of Digital Assets,” reports call for governmental agencies to increase research in areas like consumer privacy and protection, energy usage, and the possible risk and benefits of implementing a CBDC.

In the report, the Treasury Department shared that it intends to aid the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) by empowering the regulatory forces to “aggressively pursue investigations.” Other regulatory forces that will play a role in monitoring “unfair, deceptive, or abusive practices,” includes the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC).

What might be the most significant material in the framework, is the”Policies for a U.S. CBDC System,” which outlines the potential use cases of a digital dollar and the priorities the government is placing on it.

In that same section, it is said that “further research is needed,” which the recently released questionnaire might be part of.

Aside from CBDCs, the questionnaire also asked for input on subjects like NFTs, including questions like “What are the illicit finance risks related to non-fungible tokens?” and “How might future technological innovations in digital assets present new illicit finance risks or mitigate illicit finance risks?”

Similarly, the document asked for opinions on areas of financial risk surrounding DeFi. It also asked if there are any specific areas of regulation in the related sectors that responders would like to see clarified.

Community has always been a cornerstone of Web3, from DeFi to NFTs and perhaps the Treasury Department has come to this realization with its questionnaire.

While it’s well known that they’ve been watching the space, it would seem that they are now also listening to what feedback Web3 communities might have to give. Now the real question is not what crypto can do for you, but what you can do for crypto.

Responses to the questionnaire will be available to send in up until November 3, according to the document.

Elsewhere, read more on how the U.S. might be looking to centralize decentralization through the use of CBDCs.

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