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Treasury Department Launching Crypto Education Initiative: Report
The initiative centers around informing the public about the potential risks of investing in crypto.
The U.S. Treasury Department’s Financial Literacy Education Commission will launch an initiative focused on informing the public about the potential risks of investing in cryptocurrencies, a top official told Reuters in an interview.
- The educational materials and outreach push will include information about how cryptocurrencies work and how they differ from traditional payment formats, said Nellie Liang, Treasury undersecretary for domestic finance.
- Liang said crypto could offer potential benefits, such as improving financial inclusion and cross-border payments. The initiative is meant to educate “without trying to stamp out new technology and new innovation,” Liang told Reuters.
- The Treasury Department’s education department encompasses 20 different agencies, including the Securities and Exchange Commission, whose chairman, Gary Gensler, has previously referred to crypto as the “Wild West.”
- The Treasury Department’s move comes as the Biden administration reportedly plans to issue an executive order this week detailing the government’s strategy for setting policies for and regulating cryptocurrencies.
Read more: SEC Probing NFT Market: Report
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Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
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What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
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- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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