Today, President Joe Biden will sign an Executive Order that will address the risks and harness the potential benefits of digital assets, such as Bitcoin , and its technology, according to a White House statement .
The Order establishes a national policy for digital assets in six key priorities: protection of consumers and investors; financial stability; illicit financing; US leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.
The Executive Order requires measures to cover the following points:
Protection for US consumers, investors and businesses.
The order calls on the Treasury Department and other partner agencies to assess and develop policy recommendations to address the implications of the growing digital asset sector for consumers, investors, and businesses.
The Order also encourages regulators to ensure efficient supervision and safeguard against financial risks posed by digital assets.
Protection of global and US financial stability.
The order calls on the Financial Stability Oversight Board to identify and mitigate financial risks in the economy due to digital assets . It also asks that you develop appropriate policy recommendations to address any regulatory gaps.
Mitigate illicit finance and national security risks
Digital currencies can be used illicitly, so all US government agencies must coordinate to reduce such uses.
The order also calls on agencies to work with allies and partners to ensure that international frameworks, capabilities, and partnerships are coordinated and take action against such risks.
Promote US leadership in technology and economic competitiveness
To bolster US leadership in the global financial system, the order calls on the Commerce Department to work across the US government to establish a framework that boosts the country’s competitiveness and leverages digital asset technologies. .
This framework will serve as a foundation for agencies in their policy, research and development, and operational approaches to digital assets.
Promote equitable access to safe and affordable financial services
The need for secure, affordable and accessible digital asset financial services is seen as a US national interest.
Such secure access to digital currencies is especially important for communities that have long lacked efficient access to financial services.
The Secretary of the Treasury, in collaboration with all relevant agencies, will produce a report on the future of money and payment systems, including its implications for economic growth, financial growth, and inclusion.
Support technological advances and ensure the responsible development and use of digital assets
The order calls on the US government to take concrete steps to study and support technological advances in the responsible development, design, and implementation of digital asset systems.
At the same time, it calls for prioritizing privacy, security, and reducing negative climate impacts.
The order urgently calls for work to be done on research and development of a potential United States digital currency .
The Order calls on the US government to assess the technological infrastructure and capacity needs for a potential US-owned digital currency in a manner that protects the interests of Americans.