US Treasury Department Issues First NFT Risk Assessment Amid Consumer Concerns

According to PANews, despite the significant changes in the NFT market, the Biden administration still perceives potential dangers to consumers. The US Treasury Department will outline these concerns in its first-ever NFT risk assessment, which is set to be released today. Deputy Secretary Brian Nelson will also discuss this issue at the CoinDesk Consensus conference in Austin.

The Treasury Department will warn that NFTs are highly susceptible to fraud and scams, and can easily be stolen. While it will emphasize that NFTs can be used to launder criminal proceeds, so far, unlike fraudsters, the Treasury Department has found little evidence to suggest that terrorists and weapons proliferators are abusing NFTs.