The White House seeks public opinion on crypto policy

The White House Office of Science and Technology Policy (OSTP) is seeking feedback from the public that will go towards the development of a cryptocurrency policy. 

According to the entity, public opinion on the matter will be key in identifying critical focus areas in researching and developing cryptocurrencies, OSTP said in a journal on January 26. 

The agency, which is working on the policy on behalf of the Fast Track Action Committee (FTAC), noted that the opinion to be submitted by March 23 should focus on cryptocurrencies in general and related elements such as blockchain, distributed ledgers, decentralized finance (DeFi), smart contracts. 

Additionally, OSTP indicated that it seeks to find a public opinion on cybersecurity and privacy in relation to cryptocurrencies while noting that the research aims to be comprehensive. Furthermore, the White House acknowledged that the United States is actively exploring the rollout of a central bank digital currency (CBDC). 

“OSTP seeks responses that could inform the full breadth of Federal R&D priorities related to digital assets, including R&D initiatives that could complement the Federal Reserve’s research and experimentation related to CBDCs,” the agency said. 

The ability of the crypto sector 

At the same time, the White House noted that the need for research is also necessitated by the sector’s growth which has the potential to aid economic advancement. 

“Digital assets have generated interest across a range of use cases that could help grow the economy, provide societal benefits, and advance equity and inclusion. <…> The Federal Government should help ensure that the potential of digital assets is realized in sectors where it provides value while taking steps to ensure that this realization is achieved with the appropriate guardrails,” OSTP added. 

It is worth noting that the latest request from the White House comes after the institution commissioned Federal agencies to spearhead the research and development of cryptocurrencies. In this line, several agencies have presented their views on developing a crypto stage. 

Despite the development, the White House has remained skeptical regarding digital assets pointing out they pose a meaningful risk. This comes at a time when the U.S. is moving to advance in establishing crypto regulations. Notably, lawmakers have also taken up the mantle of introducing several proposed crypto regulation bills.