Executive Order 14067, officially titled Ensuring Responsible Development of Digital Assets, was signed on March 9, 2022, and is the 83rd
executive order
In the United States, an executive order is a directive by the president of the United States that manages operations of the federal government. The legal or constitutional basis for executive orders has multiple sources. Article Two of the ...
signed by U.S. President
Joe Biden
Joseph Robinette Biden Jr. (born November 20, 1942) is an American politician who was the 46th president of the United States from 2021 to 2025. A member of the Democratic Party (United States), Democratic Party, he served as the 47th vice p ...
. The ultimate aim of the order is to develop digital assets in a responsible manner. The executive order addresses the potential
national security
National security, or national defence (national defense in American English), is the security and Defence (military), defence of a sovereign state, including its Citizenship, citizens, economy, and institutions, which is regarded as a duty of ...
implications of
cryptocurrencies
A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Individual coin ownership records ...
.
Provisions
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
A central bank digital currency (CBDC; also called digital fiat currency or digital base money) is a digital currency issued by a central bank, rather than by a commercial bank. It is also a liability of the central bank, unless it is dividend-y ...
(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
The blockchain is a distributed ledger with growing lists of Record (computer science), records (''blocks'') that are securely linked together via Cryptographic hash function, cryptographic hashes. Each block contains a cryptographic hash of th ...
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.
See also
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List of executive actions by Joe Biden
Listed below are executive orders numbered 13985–14146, presidential proclamations, presidential memoranda, national security memoranda, presidential determinations, presidential sequestration orders, and presidential notices signed by ...
References
External links
Federal RegisterExecutive Order on Ensuring a Lawful and Accurate Enumeration and Apportionment Pursuant to the Decennial Census
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2022 in American law
Executive orders of Joe Biden
March 2022 in the United States