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:

  1. We must protect consumers, investors, and businesses in the United States.
  2. We must protect United States and global financial stability and mitigate systemic risk.
  3. We must mitigate the illicit finance and national security risks posed by misuse of digital assets.
  4. 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.
  5. We must promote access to safe and affordable financial services.
  6. 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.