The order directs federal agencies to focus on six priority areas within the digital asset sector and potential development of a US CBDC.
On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets (Order). In the face of rapid advancement in blockchain technology and its applications, the Order asserts that “an evolution and alignment” in the approach of the various federal agencies (Agencies) to digital assets is necessary. It directs the Agencies to study the risks of digital assets to the US economy, investors, and consumers, and to explore the development of a US central bank digital currency (CBDC). The Order also directs the Agencies to monitor and assess the impact of digital assets on financial stability and financial system integrity, the prevention of crime and illicit finance, national security, financial inclusion and equity, energy policy, and climate change.