President Biden signed an executive order on Wednesday, March 9th, requesting several federal agencies to prepare reports on the future of digital assets.
The order contains ten sections covering the objective/purpose of the order, scope of agency coordination in preparing the reports, and definitions of key terms. The term “digital assets” includes cryptocurrencies, central bank digital currency (CBDC), and other tokens created and recorded on a blockchain-enabled payment system. Interestingly, the order made no mention of stablecoins, although Secretary of the Treasury, Janet Yellen, has repeatedly expressed concern about illicit activities in this space. (Executive Order)
Shortly after signing the order, the White House released a fact sheet detailing the order. According to the fact sheet, agencies will report on six topics, including “consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion, and responsible innovation.” (Fact Sheet)