By George Ward
The Office of Science and Technology Policy (OSTP) in the White House is seeking public feedback that will form part of its crypto policy development in the future. The department sees a general view of the issue concerning digital assets as vital to its research and development drive.
Engaging The Public
According to the OSTP, public opinion will form the core of its research and development policy for the crypto industry. The agency is currently working on a crypto-based project for the Fast Track Action Committee (FTAC).
It aims to complete the public suggestion before March 23, 2023, the date for its policy design. The move aims to focus on crypto assets in general and related elements like blockchain technology, decentralized finance (DeFi), smart contracts, and distributed ledger.
Furthermore, OSTP revealed that it intends to ascertain public opinion on cybersecurity and privacy in the crypto space, with the research focusing on comprehensive applications. Meanwhile, the White House admits that the US is currently pursuing the move for the timely rollout of the central bank digital currency (CBDC).
The agency noted that the public responses would form the critical component of the research and development initiative related to digital assets regulation. Moreover, it stated that the Federal government is keen on ensuring that the potential of virtual assets is achieved across various industries.
However, it admitted that achieving this goal can only be possible with the appropriate policy.
Opportunities In The Crypto Space
According to the White House, the latest move for public feedback is to ensure consistent research in line with the growth of the digital asset sector. With many countries leaning toward a digital economy, the OSTP sees cryptocurrency as essential to helping the United States achieve economic advancement.
It is worth noting that the latest move by the White House comes after it established federal agencies to head the research and development of crypto assets for the country. This follows a similar pattern after President Joe Biden signed the executive order (EO) into law last year.
The EO mandated government agencies to explore cryptocurrency use cases with a view to the government to decide its final move. As a result, several federal government offices have voiced their opinions on the development of crypto and its adoption.
Nevertheless, the White House appears skeptical of the role of digital assets in everyday transactions in the country. The agency labeled cryptocurrency as a risk to the broader financial stability of the United States.
Congress has received proposals for approval from lawmakers regarding regulating the crypto market. The FTX crash has further heightened the clamor for comprehensive guidelines for the virtual asset industry after a series of mass panics across the crypto space.