The U.S. Treasury Department issued its sweeping National Strategy for Financial Inclusion on Oct. 29, positioning cryptocurrencies largely as a consumer risk.
The U.S. Treasury Department issued its sweeping National Strategy for Financial Inclusion on Oct. 29, positioning cryptocurrencies largely as a consumer risk rather than a tool to extend financial access.
This strategic plan, developed in response to a Congressional mandate, outlines several initiatives to enhance Americans' access to safe financial services while striking a guarded tone toward digital assets.
The strategy document builds on the department's extensive prior research, including a September 2022 report on digital assets, and outlines three principal areas of focus: increasing access to affordable credit, enhancing the inclusiveness of government financial services, and strengthening safeguards against predatory abuse.
This move is a conservative stance on the adoption of cryptocurrency, in contrast to what most digital asset advocates have been proclaiming for a very long time now: that blockchain technology is game-changing in equalizing financial access. The Treasury seems to favor conventional banking solutions rather than up-and-coming financial technologies despite the rising interest in cryptocurrency and its function regarding financial inclusion.
With the U.S. presidential election fast approaching on Nov. 5, Vice President Harris is pitted against former President Donald Trump. Harris has spoken in guarded support of the crypto industry while raising several consumer protection concerns, whereas Trump has openly supported the crypto industry, even going as far as proposing a strategic Bitcoin reserve.
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