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In an effort to provide some clarity on U.S. president Biden’s recent executive order on cryptocurrencies and tackling some urgent concerns, the head of the Office of Science and Technology Policy (OSTP) Alondra Nelson, released an official statement.
Nelson talks of a number of policy initiatives for blockchain technology ranging from expansive access, consumer safety, and the reduction of environmental impact.
The OSTP head is in favor of a balanced approach and calls the order a “responsible digital asset innovation”. She said:
“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.”
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Furthermore, she understates the challenges of the crypto industry as it becomes increasingly adopted among the general population, and highlighted its alleged carbon footprint:
“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.”
In conclusion, Nelson emphasizes the government’s intentions of establishing equal access to digital assets among all Americans. She said:
“The US government is committed to exemplifying responsible digital asset innovation that prioritizes equity, inclusion, and other American values.”