The head of the Office of Science and Technology Policy (OSTP) is providing clarity about the intentions behind President Biden’s recent executive order on cryptocurrencies.
In a new press release, Dr. Alondra Nelson discusses a trifecta of policy initiatives for blockchain technology ranging from expansive access, consumer safety, and reducing environmental impact.
Calling the plan “responsible digital asset innovation,” Dr. Nelson says a balanced approach must be taken to consider the effects of innovation and predation.
“Fully and equitably realized, digital assets could be cheaper and more efficient than traditional financial instruments…
Digital assets have serious potential to affect consumers, communities, the climate, and both US and global financial stability. Without proper controls in place, digital assets can enable fraud and crime, creating new ways to deceive American consumers and to facilitate illegal conduct.”
Regarding crypto mining’s carbon footprint, the report acknowledges the challenges faced as a new technology gains wider adoption among the general population.
“Because certain types of digital assets currently require so much computing power – often in economies that rely on carbon-intensive energy supplies – the growth of digital assets potentially presents an environmental challenge at a time when we need to shift to carbon-free sources in order to combat climate change.
We will also explore how blockchain technologies could potentially benefit the environment, including by facilitating transactions related to liability for greenhouse gas emissions, water, and other natural or environmental resources.”
President Biden’s executive order tasks a host of agencies to participate in helping shape the policy, including the National Economic Council, Department of the Treasury, Environmental Protection Agency, Federal Reserve, Federal Trade Commission, and the Securities and Exchange Commission (SEC).
Dr. Nelson concludes by emphasizing the administration’s desire for access to digital currencies among all members of the American population.
“The US government is committed to exemplifying responsible digital asset innovation that prioritizes equity, inclusion, and other American values.”
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