The United States Treasury Department released three publications related to digital assets Friday, in response to U.S. President Joe Biden’s Executive rder “Ensuring Responsible Development of Digital Assets.” One of them focuses specifically on crypto assets, and a shorter action plan looks at countering illicit finance risks.
The discussion of crypto assets in “Crypto-Assets: Implications for Consumers, Investors, and Businesses” takes a cynical tone from the beginning, with the introductory paragraphs of the report stating:
“The potential for blockchain technology to transform the provision of financial services, as espoused by developers and proponents, has yet to materialize.”
About half of the report is a descriptive survey of crypto assets, after which the authors turn to the risks they pose to users. It divides risks into three categories,