US Department of Commerce Seeks Public Comments on the Country's Crypto Plan

US DOC request for public comments is in response to President Biden’s executive order in March asking for agencies to coordinate their approach to the country's digital asset plan

Alex Harutunian

May 30, 2022 - 1 min read

The request is in response to President Biden’s executive order in March asking for agencies to coordinate their approach to digital assets.

The U.S. Department of Commerce’s International Trade Administration is seeking public comments on how it can respond to President Joe Biden’s executive order on crypto, according to a notice issued on Thursday.

The executive order called for Commerce, State, Treasury and other U.S. departments and agencies to establish a framework for enhancing U.S. economic competitiveness in the digital asset sector. It was issued in March.
In its request, the Commerce Department is specifically asking for comments on a broad range of questions about the global competitiveness of U.S. digital asset businesses, comparisons to traditional financial services and financial inclusion considerations, and technological considerations.
Written comments must be received on or before 5 p.m. Eastern Time on July 5.

The U.S. is currently the largest Bitcoin mining country, producing 37.84% of the world’s hashing power as of January, according to the Cambridge Bitcoin Electricity Consumption Index. By that metric, it appears there are many businesses that believe in the future of digital asset mining.

Among those miners, a demand for sustainable energy sources and carbon neutrality is on the rise. Investors like Kevin O’Leary, who are driving demand for sustainable mining, told Cointelegraph on May 10 that the crypto industry is “at an interesting inflection point” when it comes to environmental conscientiousness.

Although the Federal Reserve Board reiterated in its May 9 Financial Stability Report that it currently has no plan to develop a central bank digital currency (CBDC), one of the questions from the DoC will ask about the potential impact of a CBDC on business.

The DoC will also ask whether digital assets can help unbanked Americans gain access to the financial tools they may need but cannot get through traditional means. Banking the unbanked has long been an example that the crypto industry insiders boast as a natural fit for the technology:

“What role can the Federal government and the digital assets sector play to ensure that under-served Americans can benefit from the increased commercial availability of digital assets?”