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The U.S. Treasury Department has described cryptocurrencies as more of a consumer risk than a tool for advancing financial accessibility in its National Strategy for Financial Inclusion unveiled on October 29.
The Department developed the strategy document in response to a Congressional mandate, and it seeks to expand Americans’ access to secure financial services while maintaining a cautious stance on digital assets.
The plan builds on previous research, including a September 2022 report on digital assets. It emphasizes three key areas: improving access to affordable credit, making government financial services more inclusive, and strengthening consumer protections against predatory practices.
This approach underscores a preference for traditional banking solutions over emerging financial technologies, even as digital asset advocates continue to highlight blockchain’s potential to advance financial inclusion.
The Treasury’s stance contrasts with the views of many crypto proponents who argue that blockchain technology could empower underserved communities.
Notably, cryptocurrency remains a contentious topic among candidates as the U.S. presidential election draws near.
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