U.S. Treasury Department asking for public opinion on crypto illegal use

The United States Treasury Department asked members of the public to share their opinion on crypto illegal use.

At present, almost every country is either developing new regulatory policies or improving the existing crypto regulatory framework . In the race for perfect crypto regulation, the United States is working with its multiple Fed agencies to prohibit the illegal use of cryptocurrencies and also to provide a better room for better use cases of blockchain technology.

On 19 September, The United States Treasury Department finance office issued a public statement to invite members of the public to share their opinion on crypto assets and the role of cryptocurrencies that could allow illegal financial activities.

An excerpt read: 

“Through this request for comment (RFC), the Treasury is requesting input from the public to understand the public’s view on the emerging risks as well as what actions the U.S. government and Treasury Department should take to mitigate the risks.”

The Treasury Department suggested people give their ideas that how crypto assets can cause illicit finance risks, anti-money laundering (AML), and counter-terrorist financing (CTF) regulations. 

Earlier this, on 16 September, The US White House released an extended crypto regulatory framework to regulate the crypto space and also develop & introduce Digital Dollar. 

At present United States Securities and Exchange Commission (SEC) is dominantly ruling the crypto space and its sister agency CFTC regulates only Commodities digital asset classes but due to the unclear nature of the majority of the digital assets, CFTC is not able to show its dominant in crypto space. In recent months, some development work has been done by some lawmakers to give huge power to the CFTC agency in the Crypto space.

Read also: SEC did not have more specific evidence, says XRP-supporter Attorney John Deaton