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.
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