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U.S. Executive Order on Crypto Assets Sets Policy Objectives
March 24, 2022On March 9, 2022, President Biden signed an executive order outlining the administration’s policy objectives with respect to cryptocurrencies and directs U.S. regulatory agencies to prepare various reports regarding cryptocurrency regulation, although it does not specify any regulatory action to be taken. The order describes six primary policy objectives regarding regulation of cryptocurrencies: protecting consumers, investors and businesses; mitigating systemic financial risk; mitigating national security risks; reinforcing U.S. financial leadership; promoting safe and affordable financial services; and supporting technological advances. The executive order also states that the Biden administration “places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.” CBDC stands for Central Bank Digital Currency, which is defined as a form of digital money that is a direct liability of the central bank.
