Biden’s Crypto Order Now Open for Public Comments, Deadline Closes on August 8

The US seems to be inching closer to getting laws governing its crypto industry. The public of the US can now weigh-in on the kind of crypto rules they want tailored specifically for them. The last date for accepting public suggestions has been decided as August 8 by the US government. Earlier this year, US President Joe Biden had signed an executing order, directing relevant agencies to start work on drafting laws around the crypto sector.

“The department invites input, data, and recommendations pertaining to the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses, and for equitable economic growth,” the US Treasury wrote in a Federal Register post.

Public suggestions can include attachments and other supporting materials, that will be part of the public record.

Upon submission, each suggestion will be inspected by government officials.

“Do not submit any information in your comments or supporting materials that you consider confidential or inappropriate for public disclosure,” the post by the US Treasury further noted.

On March 9, 2022, President Biden asked government officials to formulate crypto guidelines, focussed on protecting investors as well as businesses that are part of the arena.

Treasury Secretary Janet Yellen is required to submit a response to the White House in September in response to Biden's order.

Since transactions of virtual digital assets are largely untraceable, investors could expose themselves to crimes such as fraud and theft as well as other statutory and regulatory violations.

Several nations around the world are currently working drafting their crypto laws. These nations include India, Australia as well as the UK.