The Call to Action
The United States Department of Commerce, or DoC as I like to call it (we’re on a nickname basis), is rolling up its sleeves and inviting all the smart cookies in the crypto world to pitch in on a framework for making the U.S. more competitive in digital assets. This endeavor kicks off with a delightful little request for comment, including a series of 17 fabulously thought-provoking questions designed to set the stage for American economic growth in the realm of crypto and stablecoins.
What’s at Stake?
Published in the Federal Register this Thursday (mark your calendars), these questions will cover everything from regulatory enhancements to the nitty-gritty of digital asset mining. Remember President Biden’s Executive Order from a couple of months back? Well, buried between the lines was the not-so-subtle hint for the DoC to devise a strategy that would catapult America to the digital asset forefront. No biggie, right?
Minding the Miners
Speaking of mining, the U.S. is currently flexing its muscles as the heavyweight champion of Bitcoin mining, claiming a whopping 37.84% of the world’s hashing power as of January, according to the Cambridge Bitcoin Electricity Consumption Index. The DoC wants to know—what’s the future hold for this mining bonanza? Will sustainability be the name of the game? After all, our old pal Kevin O’Leary wants to push for eco-friendlier practices, adding a green twist to this booming industry.
The CBDC Conundrum
As if the crypto kettle wasn’t already overflowing, let’s toss in the notion of a central bank digital currency (CBDC). Although the Federal Reserve recently cooled down any ideas of an immediate rollout, one of the DoC’s questions will dive into what impacts a CBDC could have on business. Could it be the magic wand that transforms the financial landscape? Or is it just another shiny object to distract the major players?
Banking the Unbanked
Perhaps the most heartwarming of the inquiries is about how digital assets might offer financial tools to the unbanked Americans—those poor souls who have been dodging traditional banking for far too long. The DoC will be exploring how the government and crypto sector can collaborate to make a difference here. A noble quest indeed!
Be Part of the Conversation
The open comment period will run until July 5, so don’t just sit there twiddling your thumbs. Grab your keyboard and send your dazzling insights to digitalassets@trade.gov. It could be your time to shine in the digital asset arena!
Conclusion
As Secretary of Commerce Gina Raimondo mentioned, the goal is to build a resilient U.S. financial system while mitigating risks associated with digital assets. So, whether you’re a hardcore crypto enthusiast, a skeptical observer, or someone who just wants to make a mark in the history of American finance, now’s your chance to weigh in on how to navigate this New Wild West!
