This is a summary of the “Executive Order on Ensuring Responsible Development of Digital Assets” signed by the President of the United States.
Part 1: Just Some General Statements
We want to regulate and/or supervise cryptocurrency makers & movers…we just don’t know how yet.
We don’t want Russia to get around sanctions and we don’t like that we don’t have control of the digital money flow.
If crypto is “happening”, then we want to be in charge.
People are under banked and our financial systems are not equitable. Crypto could make things better…I guess.
We want to lead the development of digital currency.
Part 2: Who’s In Charge
Jake Sullivan and Keith Hennessey are technically in charge of getting all this done.
Part 3: The United States Central Bank Digital Currencies
We are getting off our asses and getting a move on CBDCs. We see the potential and want to be central to the global digital economy. Also…no way are you getting rid of the dollar.
In 2020 we started the G7 report outlining a set of policy principles for CBDCs. We want other countries to stick to it.
Part 4: Reports, Reports, and Deadlines
By mid September 2022 one big (or a lot of smaller) report(s) will be coming out. These include:
- The future of money and payment systems (aka How We Could Design & Distribute a US CBDC
- The implications of developments and adoption of digital assets and changes in financial market and payment system infrastructures for the United States (aka How Mass Crypto Adoption Will Happen & How We Will Regulate It
- The role of law enforcement agencies in detecting, investigating, and prosecuting criminal activity related to digital assets (aka How We Bring Down The Hammer
- The potential for digital currency to impede or advance efforts to tackle climate change (aka Environmentalism on the Blockchain
- A coordinated action plan for mitigating the digital?asset-related illicit finance and national security risks (aka Lets Not Get Scammed
- Our framework for enhancing United States economic competitiveness in, and leveraging of, digital asset technologies (aka How We Win the Global Digital Currency Market
By mid October 2022 we should expect:
- Draft legislation for a US CBDC
- A report outlining the specific financial stability risks and regulatory gaps posed by various types of digital assets and providing recommendations to address such risks (aka More Ways We Can Regulate Crypto
A link to the executive order is included in the Resources section.
