By the authority vested in him as President by the Constitution and the laws of the United States, a new executive order has been issued to promote U.S. leadership in digital assets and financial technology while protecting economic liberty.
The executive order outlines several key policies. It emphasizes supporting responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy. The administration aims to protect citizens' ability to access open public blockchain networks for lawful purposes without persecution. Additionally, it seeks to promote the sovereignty of the U.S. dollar through lawful dollar-backed stablecoins.
The order also focuses on providing regulatory clarity with technology-neutral regulations that support a vibrant digital economy. Measures will be taken to protect Americans from risks associated with Central Bank Digital Currencies (CBDCs), including prohibiting their establishment within U.S. jurisdiction.
Definitions provided in the order clarify terms such as "digital asset," "blockchain," and "Central Bank Digital Currency." A significant change is the revocation of Executive Order 14067 from March 9, 2022, along with a directive for the Secretary of the Treasury to revoke related frameworks inconsistent with this new order.
A President's Working Group on Digital Asset Markets is established within the National Economic Council. This group will include various officials such as the Secretary of the Treasury and other key figures. Within 30 days, relevant agencies must identify regulations affecting digital assets, followed by recommendations within 60 days on whether these should be rescinded or modified.
Within 180 days, a report recommending regulatory and legislative proposals will be submitted to advance policies set forth in this order. This includes proposing a federal regulatory framework for digital assets and evaluating a national digital asset stockpile.
The order prohibits actions to establish or promote CBDCs unless required by law and mandates termination of any ongoing plans related to CBDCs within U.S. jurisdiction.
Finally, general provisions ensure that nothing in this order impairs existing legal authorities or creates enforceable rights against the United States.
