By the authority vested in me as President of the United States by the Constitution and the laws of the United States of America, and in order to ensure responsible development of digital assets, it is hereby ordered as follows:
Section 1. Definitions.
(a) “Digital asset” means any digital representation of value that can be digitally traded or transferred, and can be used for payment or investment purposes.
(b) “Digital asset platform” means a digital system or network that enables the exchange of digital assets.
(c) “Digital asset service provider” means any person or entity engaged in the business of providing services related to digital assets, such as the custody, trading, or exchange of digital assets.
Section 2. Responsible Development of Digital Assets.
(a) The Secretary of the Treasury, in consultation with the Attorney General, the Secretary of State, and the Chair of the Federal Trade Commission, shall develop and implement a comprehensive strategy to ensure the responsible development of digital assets.
(b) The strategy shall include, but not be limited to, the following elements:
(i) Promoting the responsible use of digital assets by consumers, investors, and businesses;
(ii) Enhancing consumer protection and investor education;
(iii) Establishing principles for responsible digital asset platform development;
(iv) Establishing a regulatory framework for digital asset service providers; and
(v) Developing international standards for digital asset development and use.
Section 3. General Provisions.
(a) Nothing in this order shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
THE WHITE HOUSE,
March 7, 2016.
Executive Order 14067
|“Ensuring Responsible Development of Digital Assets”|
|Executive Order number||14067|
|Signed by||Joe Biden on March 9, 2022 (2022-03-09)|
|Guaranteeing that digital assets are developed in a responsible manner.|
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 telos of the order is to develop digital assets in a responsible manner. The executive order addresses the potential national security implications of cryptocurrencies.
The 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.
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.
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