President Biden Issues Executive Order Addressing Digital Assets
This week, President Joe Biden signed “Executive Order on Ensuring Responsible Development of Digital Assets” (EO). According to a fact sheet published with the EO, the EO calls for measures to accomplish the following objectives:
- Protect U.S. consumers, investors and businesses.
- Protect U.S. and global financial stability, and mitigate systemic risk.
- Mitigate the illicit financial and national security risks posed by the illicit use of digital assets.
- Promote U.S. leadership in technology and economic competitiveness to reinforce U.S. leadership in the global financial system.
- Promote equitable access to safe and affordable financial services.
- Support technological advances and ensure responsible development and use of digital assets.
- Explore a U.S. central bank digital currency (CBDC).
Among other things, the EO orders various U.S. agencies and interagency groups to submit within 90, 180 or 210 days a number of reports addressing digital assets. The reports broadly address CBDCs, economic opportunities and risks of digital assets, and approaches to illicit activity involving digital assets. The EO orders specific reports on the following topics:
- Implications of a U.S. CBDC.
- Whether legislative changes would be necessary to issue a U.S. CBDC.
- The technical infrastructure necessary to support a U.S. CBDC.
- Implications of digital assets for U.S. consumers,…
