U.S. Department of Commerce to Release 17 Questions to Help Develop Cryptocurrency Framework

The U.S. Department of Commerce is seeking input on how to create a framework to strengthen U.S. economic competitiveness in digital assets, including cryptocurrencies and stablecoins.

The U.S. Department of Commerce (DoC), through the International Trade Administration, intends to publish 17 issues in a request for comments. The request will be published in the Federal Register on May 19.

The issues relate to the U.S. Department of Commerce’s efforts to develop a framework for digital asset challenges to U.S. economic growth, as requested by President Joe Biden’s executive order.

Unpublished request for comment from the U.S. Department of Commerce

The questions will cover a range of topics relevant to U.S. crypto businesses, such as perceptions of how regulations can improve competitiveness, and the hurdles business owners currently face. It will also involve digital asset mining, possibly related to bitcoin and ethereum. One question is:

“What, if any, is the future role of digital asset mining in the U.S. digital asset space? In what ways can the U.S. government and U.S. businesses promote the competitive, sustainable (to the environment and energy consumption) development of digital assets?”

According to the Cambridge Bitcoin Electricity Consumption Index, as of January this year, the United States is the world's largest Bitcoin mining country, generating 37.84% of the world's computing power. Judging from this indicator, it seems that many enterprises believe in the future of digital asset mining.

Demand for sustainable energy and carbon neutrality among these miners is on the rise. Investors driving demand for sustainable mining, such as Kevin O'leary, told Cointelegraph on May 10 that the crypto industry is at "an interesting inflection point" in terms of environmental awareness.

While the U.S. Federal Reserve reiterated in its May 9 Financial Stability Report that it has no current plans to develop a central bank digital currency (CBDC), the U.S. Department of Commerce will ask questions about the potential impact of a CBDC on business.

The Commerce Department will also ask whether digital assets can help unbanked Americans gain access to financial tools they may need but cannot obtain through traditional means. Crypto industry insiders have long argued that banking the unbanked is a natural fit for the technology.

"What role can the federal government and the digital asset space play to ensure that underserved Americans can benefit from increased commercial availability of digital assets?"

Soliciting public comments will provide a reference for the U.S. Department of Commerce to formulate a regulatory framework for U.S. digital asset businesses. This early opening mirrors Commerce Secretary Gina Raimondo's March 9 statement in response to President Biden's executive order. She said her department will promote "the resilience of the U.S. financial system" and "mitigate risk for the businesses and individuals that depend on it" by working with digital asset industry partners.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.