Executive Order 14067, officially titled Ensuring Responsible Development of Digital Assets, was signed on March 9, 2022, and is the 83rd executive order signed by U.S. President Joe Biden. The ultimate aim of the order is to develop digital assets in a responsible manner.[1] The executive order addresses the potential national security implications of cryptocurrencies.[2]
| "Ensuring Responsible Development of Digital Assets" | |
 | |
| Type | Executive order |
|---|---|
| Executive Order number | 14067 |
| Signed by | Joe Biden on March 9, 2022 |
| Federal Register details | |
| Federal Register document number | 2022-05471 |
| Publication date | March 14, 2022 |
| Document citation | 87 FR 14143 |
| Summary | |
| Guaranteeing that digital assets are developed in a responsible manner. | |
Provisions
editThe executive order aims at developing a digital assets policy plan and organize federal regulators' efforts in this area. The order outlines five main goals, which includes protection of consumers and investors, monetary stability, decreasing financial and national security risks, economic competitiveness, and responsible innovation. It also asks for more work to be done into developing a United States Central Bank Digital Currency (CBDC).
Companies in the digital asset field will likely see policy changes in the form of regulation and enforcement, but it might also give the market and its participants more clarity. The order instructs federal agencies to conduct a wide assessment of existing policies relating to digital assets and to submit reports recommending regulatory and legislative reforms.[3]
The order does not change the way digital assets are governed immediately; nevertheless, it marks the start of a process to develop a regulatory framework that addresses all elements of digital assets. It demonstrates the United States' acknowledgment of the importance of digital assets and blockchain technology in the global financial system, as well as its intention to remain a leader in the global financial system through responsible payment innovation and digital asset development.[4]
See also
editReferences
edit- ^ "Ensuring Responsible Development of Digital Assets". Federal Register. March 14, 2022. Retrieved April 20, 2022.
- ^ Klein, Aaron (March 17, 2022). "How Biden's executive order on cryptocurrency may impact the fate of digital currency and assets". Brookings Institution. Retrieved August 5, 2022.
- ^ "Executive Order on Ensuring Responsible Development of Digital Assets". White House. March 9, 2022. Retrieved April 20, 2022.
- ^ "Ensuring the Responsible Development of Digital Assets". U.S. Department of State. The new order will allow the Federal Government to disable any digital dollars and track all transactions to the penny. March 9, 2022. Retrieved April 20, 2022.