The U.S. Treasury has just announced the National Strategy for Inclusive Finance, which emphasizes the risks associated with digital assets for users.
On October 29, a report was published at the request of Congress, aimed at expanding access to safe financial services and strengthening financial security for the public. However, digital assets are primarily discussed in terms of potential risks, based on research data from September 2022 regarding their activities and impacts.
Although supporters of digital assets argue that this technology can expand financial access for those not served by the traditional banking system, the U.S. Treasury prioritizes risk control over tapping into potential. The report does not categorize Bitcoin and cryptocurrencies as inclusive financial instruments, reflecting the cautious attitude of the U.S. towards this type of asset.
The strategy focuses on improving access to safe, affordable credit and promoting more inclusive financial products from the government. At the same time, the report emphasizes the importance of protecting consumers from abusive practices in the use of financial services.
Ms. Lael Brainard, National Economic Advisor, affirmed that Vice President Kamala Harris is taking a leading role in promoting access to credit and expanding economic opportunities for disadvantaged groups.
This strategy also raises many questions about the future of cryptocurrency policy in the U.S. Vice President Kamala Harris, who is running for President, has expressed both support and concern about the cryptocurrency industry. If she is elected, policy could change in a more positive direction for digital assets. However, at this point, the government's focus remains on protecting consumers from potential risks.
Previously, President Joe Biden signed an executive order on digital assets, directing government agencies to research and provide recommendations on the impact of this ecosystem. The Treasury Department has played a crucial role in developing policy recommendations, following directives from the above order, emphasizing the importance of risk management in the digital asset market.