On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets. The Order “gets the ball rolling” on the development of a central bank digital currency and on the regulation of existing digital assets.
The principal policy objectives of the United States with respect to digital assets are as follows:
- We must protect consumers, investors, and businesses in the United States.
- We must protect United States and global financial stability and mitigate systemic risk.
- We must mitigate the illicit finance and national security risks posed by misuse of digital assets.
- We must reinforce United States leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets.
- We must promote access to safe and affordable financial services.
- We must support technological advances that promote responsible development and use of digital assets.
Specific steps, including studies and regulations, to implement these objectives will unfold over the coming months.