The US Treasury Department has unveiled a new strategy aimed at promoting financial inclusion, but its 35-page report makes only a single reference to cryptocurrency, focusing on the associated risks. This approach seems to diverge from Vice President Kamala Harris' campaign trail statements, where she expressed support for cryptocurrency as part of her economic agenda.
The Biden administration's Treasury Department emphasized its commitment to cultivating financial inclusion through research and development, citing a 2022 report on the risks associated with digital assets. Treasury Secretary Janet Yellen is expected to stress the importance of safe and affordable financial products in achieving financial security for all Americans. Despite the cryptocurrency sector's long-standing argument that it provides a low-barrier entry point into finance, the Treasury Department appears unconvinced by this narrative.
Some liberal-leaning groups have also questioned the validity of cryptocurrency's benefits for financial inclusion, with the Center for American Progress and the Brookings Institution seeking to debunk this claim. The contrast between the Treasury Department's stance and the vice president's openness to cryptocurrency is noteworthy, particularly as the issue has become a point of discussion in the 2024 campaign, with former President Donald Trump recently expressing enthusiasm for cryptocurrency.