The EO therefore requests reports, generally within 90 to 180 days, from a variety of federal agencies analyzing issues and implications related to digital assets and providing recommendations with respect to the five priorities. One of the administration’s principal motivations in issuing the EO is to gain sufficient background information, supporting data, and regulatory and legislative options to achieve the above-described policy objectives. The EO also focuses on the impact that blockchain technology and digital assets can have on financial inclusion and human rights (including the unbanked and underbanked) as well as on climate change and environmental pollution (including energy usage from mining and grid management). leadership in the global financial system and economic competitiveness. The broad scope of the EO outlines a unified, “whole-of government” approach to developing policy for digital assets across five key priorities: (1) potential introduction of a United States Central Bank Digital Currency (CBDC) (2) consumer, investor, and business protection (3) financial stability and systemic risk (4) illicit finance and national security and (5) U.S. president with a report on the future of money and payment systems within six months, including the implications of digital assets for financial inclusion and growth, national security and economic growth.On March 9, 2022, President Joe Biden signed an executive order (EO) to engage several federal agencies in a comprehensive review of the federal government’s approach to cryptocurrencies and digital assets. The secretary of the Treasury should provide the U.S. “This framework will serve as a foundation for agencies and integrate this as a priority into their policy, research and development, and operational approaches to digital assets,” the fact sheet reads. competitiveness in digital asset technologies within 180 days. The Department of Commerce should establish a framework to enhance U.S. President Biden ordered the Department of the Treasury and other federal agencies to explore and recommend policies to address the implications of the digital asset sector for investors and customers and encourages the Financial Stability Oversight Council to identify and mitigate systemic risk posed by digital assets. leadership in technology and economic competitiveness advancing equitable access to affordable and safe financial services and backing technological advances and ensuring responsible development and use of digital assets, the White House said Wednesday. consumers, businesses and investors safeguarding financial stability mitigating illicit finance promoting U.S. The executive order outlines a national policy for digital assets with the goal of protecting U.S.
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