It looks like the US government is making sure to do their homework on digital assets. What could this mean for the future of crypto regulation? Covered: US Treasury Department Crypto Education What This Means For Crypto Regulation We’ve had a lot of back and forth between Congress officials over the future of digital assets […] The post The US Treasury Department Launches Crypto ‘Education’ Program appeared first on CryptosRus.

The US Treasury Department Launches Crypto ‘Education’ Program

It looks like the US government is making sure to do their homework on digital assets. What could this mean for the future of crypto regulation?

Covered:

  • US Treasury Department Crypto Education
  • What This Means For Crypto Regulation

We’ve had a lot of back and forth between Congress officials over the future of digital assets and crypto regulation, and it appears that the conversation is getting through to the heads of federal financial agencies. What does the US Treasury Department have in store for its crypto education program, and what does this tell us about upcoming crypto legislation?

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US Treasury Department Crypto Education

As reported by Reuters, The US Treasury Department will launch an initiative centered around informing the public about the potential risks of investing in cryptocurrencies.

The key word here: “public” — I like where this is going.

It appears that the crypto conversation has gotten too loud for officials to keep ignoring, so the time may be coming soon in which we’ll be getting crypto information directly from the US government. While the Treasury still thinks that crypto is a risk, Nellie Liang, Treasury undersecretary for domestic finance, says that they are seeing the potential benefits as well.

“While crypto does present risks, the Treasury is also conscious it could offer benefits, such as improving cross-border payments or bolstering financial inclusion.

We’re just trying to raise awareness without trying to stamp out new technology and new innovation.”

She also says that populations with limited access to mainstream financial services are a key target group that the Treasury is aiming to reach.

“We’re hearing more and more about investors and households who are purchasing crypto assets, and we recognize the complexity of how some of these assets operate…

It felt like this is an area also where more education (and) more awareness could be helpful…”

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What This Means For Crypto Regulation

The announcement of the US Treasury crypto education program is coming in a quite timely fashion, as Bloomberg reported this week that the Biden administration is set to sign legislative action of crypto regulation after the news first leaked two weeks ago, which we are currently waiting on at the time of writing.

The crypto order is expected to detail what government agencies, including the Treasury Department, need to do to develop policies and regulations on digital assets. This should finally give some clarity over the long-standing debate in Congress regarding crypto regulation framework.

What’s key to note here is that a federally-driven program on crypto education is a major step towards mainstream adoption. Crypto is sitting at an awkward point in the growth phase so far, and there’s a chasm the asset class needs to cross before truly reaching its global potential. I think this bit of news today can clue us into where things are about to head.

Here’s a visualization of the typical adoption cycle to give you an idea of what I mean:

I think that crypto is currently sitting on the edge of this chasm but is getting ready to make its giant leap into the mainstream market. The divide between these two markets, however, is driven by the lack of formalized acceptance and promotion by institutions. It’s a lot easier for people to get comfortable with crypto when they have someone with a badge or a degree to tell them about it, rather than hearing about it from their relative over the kitchen table.

Now that the US Treasury Department is launching a crypto education program focused on “informing the public,” perhaps this week’s order from the Biden administration won’t be as damning as a lot of Crypto Twitter is making it out to be — it may just be the opposite, in reality.

Let’s not forget that crypto adoption has been surging throughout the US and the world in 2021. More than 16% of US citizens are now invested in the asset class according to a survey from Pew Research, but it looks like the Treasury is aiming to increase that number in the coming years.

The post The US Treasury Department Launches Crypto ‘Education’ Program appeared first on CryptosRus.