On March 9, 2022, President Joe Biden signed an executive order (the Order), that outlined the United States government’s strategy regarding the regulation of digital assets, such as cryptocurrencies.
The stated policy objectives of the United States’ approach with respect to digital assets are to:
The Order also fast-tracks research and development relating to the design and deployment of a United States central bank digital currency (CBDC). If launched, the Order states that a United States CBDC should be designed in a manner “that is consistent with United States priorities … and democratic values, including privacy protections…”.
The Order also requires various United States government agencies to (among other things):
According to the Fact Sheet, the Order represents the United States government’s “first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.” The Order also emphasizes the need for cooperation among the international community to promote the development of digital asset and CBDC technologies.
Summary By: Olalekan (Wole) Akinremi
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