According to Deep Tide TechFlow, on October 30, Coindesk reported that the U.S. Treasury has developed a new financial inclusion strategy to help people access the financial system, but this 35-page report mentions cryptocurrency only once to highlight the Treasury's work in marking the dangers of the industry.
Although Vice President Harris stated during the campaign that she would encourage cryptocurrency as part of her economic agenda, the current administration she serves has kept its distance from digital assets, which may be the last mention of cryptocurrency by the U.S. Treasury before next week's election.
The Biden administration's Treasury Department noted in a report on Tuesday that it "fosters financial inclusion through the development and promotion of research," having released a report on "risks associated with digital assets" in 2022.
Treasury Secretary Yellen will state at a banking event in New York on Tuesday: "Access to safe, affordable financial products and fair information can help all Americans pursue financial security." According to her prepared remarks, she will call on bankers to "actively collaborate" in the new strategy.
Liberal-leaning groups like the Center for American Progress argue that the claims made by cryptocurrency advocates about its benefits for financial inclusion "do not hold up to scrutiny," and the Brookings Institution has also attempted to debunk this narrative.
It is currently unclear whether the Vice President's office will have any say on the Treasury's latest strategy, but this seems to starkly contrast with her previously exhibited open attitude towards cryptocurrency during the campaign.