Business

The Department of Commerce has 17 questions to help develop a crypto framework

The US Department of Commerce is calling for proposals on how it can create a framework that will boost America’s economic competitiveness in digital assets, including crypto and stablecoins.

The Department of Commerce (DoC) intends to publish a set of 17 questions in a request for comment by the International Trade Authority. The application will be published in the Federal Register on May 19.

The questions relate to the DoC’s efforts to develop a framework for challenges to America’s economic growth related to digital assets, as requested by President Joe Biden’s Executive Order.

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The unpublished request for comment from the Department of Commerce.

The questions will cover a range of topics related to crypto companies in the US, such as: B. Views on how regulation can improve competitiveness and what barriers business owners are currently facing. It will also cover digital asset mining, likely related to Bitcoin and Ethereum. One asks:

“What, if any, is the future role of digital asset mining in the US digital assets sector? How can the US government and US companies drive competitive, sustainable (for the environment and energy use) development of digital assets?”

The US is currently the top bitcoin mining country, producing 37.84% of the world’s hash power as of January, according to the Cambridge Bitcoin Electricity Consumption Index. Judging by this metric, it appears that there are many companies who believe in the future of digital asset mining.

Among these miners, there is a growing demand for sustainable energy sources and carbon neutrality. Investors like Kevin O’Leary, who are driving demand for sustainable mining, told Cointelegraph on May 10 that the crypto 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’s questions will ask about the potential impact of a CBDC on business.

The DoC will also ask if digital assets can help unbanked Americans access the 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 sector play to ensure underserved Americans can benefit from the increased commercial availability of digital assets?”

The request for public comment will inform the DoC’s deliberations on creating the framework for an American regulatory framework for the digital asset business. This early, open approach to the Department of Defense effort echoes Secretary of Commerce Gina Raimondo’s March 9 statement in response to President Biden’s executive order. She said her department will promote “the resilience of the US financial system” by working with partners in the digital asset industry to “mitigate the risks to the businesses and individuals that depend on them.”

Related: US authorities warn of influx of North Koreans into IT and crypto jobs online

If the questions are published as expected on May 19th, comments will be accepted until July 5th and can be sent to digitalassets@trade.gov.