Executive Order on Ensuring Responsible Development of Digital Assets | The White House

By the assurance vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows :

Section 1. policy. Advances in digital and circulate daybook engineering for fiscal services have led to dramatic growth in markets for digital assets, with fundamental implications for the protection of consumers, investors, and businesses, including data privacy and security ; fiscal stability and systemic hazard ; crime ; national security ; the ability to exercise human rights ; fiscal inclusion and equity ; and energy demand and climate change. In November 2021, non‑state issued digital assets reached a unite market capitalization of $ 3 trillion, astir from approximately $ 14 billion in early November 2016. monetary authorities globally are besides exploring, and in some cases introducing, cardinal bank digital currencies ( CBDCs ).
While many activities involving digital assets are within the setting of existing domestic laws and regulations, an area where the United States has been a global leader, growing development and adoption of digital assets and refer innovations, a well as inconsistent controls to defend against certain key risks, necessitate an development and alignment of the United States Government overture to digital assets. The United States has an interest in responsible fiscal initiation, expanding access to safe and low-cost fiscal services, and reducing the cost of domestic and cross-border funds transfers and payments, including through the retain modernization of public payment systems. We must take firm steps to reduce the risks that digital assets could pose to consumers, investors, and business protections ; fiscal constancy and fiscal arrangement integrity ; battle and preventing crime and illegitimate finance ; national security ; the ability to exercise human rights ; fiscal inclusion and equity ; and climate exchange and pollution.

Sec. 2. Objectives. The principal policy objectives of the United States with respect to digital assets are as follows :
( a ) We must protect consumers, investors, and businesses in the United States. The unique and vary features of digital assets can pose significant fiscal risks to consumers, investors, and businesses if allow protections are not in place. In the absence of sufficient oversight and standards, firms providing digital asset services may provide inadequate protections for medium fiscal data, custodial and other arrangements relating to customer assets and funds, or disclosures of risks associated with investment. Cybersecurity and market failures at major digital asset exchanges and trade platforms have resulted in billions of dollars in losses. The United States should ensure that safeguards are in place and promote the creditworthy development of digital assets to protect consumers, investors, and businesses ; maintain privacy ; and shield against arbitrary or illegitimate surveillance, which can contribute to human rights abuses.
( b ) We must protect United States and ball-shaped fiscal constancy and mitigate systemic risk. Some digital asset trading platforms and avail providers have grown quickly in size and complexity and may not be subject to or in conformity with appropriate regulations or supervision. Digital asset issuers, exchanges and deal platforms, and intermediaries whose activities may increase risks to fiscal stability, should, as appropriate, be national to and in submission with regulative and supervisory standards that regulate traditional commercialize infrastructures and fiscal firms, in line with the general rationale of “ lapp clientele, same risks, same rules. ” The new and unique uses and functions that digital assets can facilitate may create extra economic and fiscal risks requiring an development to a regulative approach that adequately addresses those risks.
( cytosine ) We must mitigate the illegitimate finance and national security risks posed by misuse of digital assets. Digital assets may pose significant illegitimate finance risks, including money laundering, cybercrime and ransomware, narcotics and homo traffic, and terrorism and proliferation financing. Digital assets may besides be used as a instrument to circumvent United States and foreign fiscal sanctions regimes and other tools and authorities. Further, while the United States has been a drawing card in setting external standards for the regulation and supervision of digital assets for anti‑money wash and countering the finance of terrorism ( AML/CFT ), poor or nonexistent implementation of those standards in some jurisdictions afield can present significant illegitimate finance risks for the United States and ball-shaped fiscal systems. Illicit actors, including the perpetrators of ransomware incidents and other cybercrime, often launder and cash out of their illegitimate proceeds using digital asset military service providers in jurisdictions that have not even effectively implemented the international standards set by the inter-governmental Financial Action Task Force ( FATF ). The continue handiness of military service providers in jurisdictions where international AML/CFT standards are not effectively implemented enables fiscal natural process without illegitimate finance controls. Growth in decentralized fiscal ecosystems, peer-to-peer requital natural process, and obscured blockchain ledgers without controls to mitigate illegitimate finance could besides introduce extra market and home security risks in the future. The United States must ensure appropriate controls and accountability for stream and future digital assets systems to promote high standards for transparency, privacy, and security — including through regulative, government, and technological measures — that rejoinder illicit activities and keep or enhance the efficacy of our national security tools. When digital assets are abused or used in illegitimate ways, or sabotage home security, it is in the home interest to take actions to mitigate these illegitimate finance and national security risks through regulation, oversight, law enforcement action, or function of other United States Government authorities.
( five hundred ) We must reinforce United States leadership in the global fiscal organization and in technical and economic competitiveness, including through the creditworthy development of payment innovations and digital assets. The United States has an matter to in ensuring that it remains at the forefront of creditworthy development and blueprint of digital assets and the technology that underpins new forms of payments and capital flows in the international fiscal system, peculiarly in setting standards that promote : democratic values ; the rule of police ; privacy ; the protection of consumers, investors, and businesses ; and interoperability with digital platforms, bequest computer architecture, and international payment systems. The United States derives significant economic and national security benefits from the central character that the United States dollar and United States fiscal institutions and markets play in the ball-shaped fiscal system. Continued United States leadership in the global fiscal system will sustain United States fiscal office and advertise United States economic interests.
( e ) We must promote access to safe and low-cost fiscal services. many Americans are underbanked and the costs of cross-border money transfers and payments are high. The United States has a strong interest in promoting responsible invention that expands equitable access to fiscal services, particularly for those Americans underserved by the traditional banking organization, including by making investments and domestic and cross-border funds transfers and payments cheaper, faster, and safe, and by promoting greater and more cost-efficient access to fiscal products and services. The United States besides has an interest in ensuring that the benefits of fiscal initiation are enjoyed equitably by all Americans and that any disparate impacts of fiscal initiation are mitigated.
( degree fahrenheit ) We must support technical advances that promote responsible development and habit of digital assets. The technological architecture of different digital assets has significant implications for privacy, home security system, the operational security and resilience of fiscal systems, climate change, the ability to exercise human rights, and other national goals. The United States has an interest in ensuring that digital asset technologies and the digital payments ecosystem are developed, designed, and implemented in a responsible manner that includes privacy and security in their architecture, integrates features and controls that defend against illegitimate exploitation, and reduces negative climate impacts and environmental befoulment, as may result from some cryptocurrency mining.

Sec. 3. coordination. The adjunct to the President for National Security Affairs ( APNSA ) and the Assistant to the President for Economic Policy ( APEP ) shall coordinate, through the interagency process described in National Security Memorandum 2 of February 4, 2021 ( Renewing the National Security Council System ), the executive ramify actions necessary to implement this order. The interagency process shall include, as allow : the Secretary of State, the Secretary of the Treasury, the Secretary of Defense, the Attorney General, the Secretary of Commerce, the Secretary of Labor, the Secretary of Energy, the Secretary of Homeland Security, the Administrator of the Environmental Protection Agency, the Director of the Office of Management and Budget, the Director of National Intelligence, the Director of the domestic Policy Council, the Chair of the Council of Economic Advisers, the Director of the Office of Science and Technology Policy, the Administrator of the Office of Information and Regulatory Affairs, the Director of the National Science Foundation, and the Administrator of the United States Agency for International Development. Representatives of other executive departments and agencies ( agencies ) and other aged officials may be invited to attend interagency meetings as appropriate, including, with due respect for their regulative independence, representatives of the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau ( CFPB ), the Federal Trade Commission ( FTC ), the Securities and Exchange Commission ( SEC ), the Commodity Futures Trading Commission ( CFTC ), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and early Federal regulative agencies.

Sec. 4. policy and Actions Related to United States Central Bank Digital Currencies. ( a ) The policy of my Administration on a United States CBDC is as follows :
( one ) Sovereign money is at the core of a well-functioning fiscal system, macroeconomic stabilization policies, and economic growth. My administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC. These efforts should include assessments of possible benefits and risks for consumers, investors, and businesses ; fiscal constancy and systemic risk ; payment systems ; national security ; the ability to exercise homo rights ; fiscal inclusion and fairness ; and the actions required to launch a United States CBDC if doing so is deemed to be in the national interest.
( two ) My administration sees merit in showcasing United States leadership and engagement in international fora related to CBDCs and in multi‑country conversations and navigate projects involving CBDCs. Any future dollar payment system should be designed in a manner that is consistent with United States priorities ( as outlined in section 4 ( a ) ( i ) of this order ) and democratic values, including privacy protections, and that ensures the global fiscal system has allow foil, connectivity, and platform and computer architecture interoperability or transferability, as appropriate.
( three ) A United States CBDC may have the likely to support effective and low-cost transactions, peculiarly for cross‑border funds transfers and payments, and to foster greater access to the fiscal system, with fewer of the risks posed by private sector-administered digital assets. A United States CBDC that is interoperable with CBDCs issued by other monetary authorities could facilitate faster and lower-cost cross-border payments and potentially boost economic increase, support the continue centrality of the United States within the external fiscal system, and assistant to protect the alone function that the dollar plays in global finance. There are besides, however, electric potential risks and downsides to consider. We should prioritize seasonably assessments of potential benefits and risks under assorted designs to ensure that the United States remains a drawing card in the external fiscal system.
( bel ) Within 180 days of the date of this order, the Secretary of the Treasury, in consultation with the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and the heads of other relevant agencies, shall submit to the President a report on the future of money and payment systems, including the conditions that drive wide adoption of digital assets ; the extent to which technological invention may influence these outcomes ; and the implications for the United States fiscal system, the modernization of and changes to payment systems, economic increase, fiscal inclusion, and national security. This report shall be coordinated through the interagency process described in segment 3 of this orderliness. Based on the potential United States CBDC plan options, this reputation shall include an analysis of :
( one ) the electric potential implications of a United States CBDC, based on the potential design choices, for national interests, including implications for economic increase and constancy ;
( two ) the potential implications a United States CBDC might have on fiscal inclusion ;
( three ) the likely relationship between a CBDC and private sector-administered digital assets ;
( intravenous feeding ) the future of autonomous and privately produced money globally and implications for our fiscal organization and democracy ;
( volt ) the extent to which extraneous CBDCs could displace existing currencies and alter the requital system in ways that could undermine United States fiscal centrality ;
( united states virgin islands ) the likely implications for national security and fiscal crime, including an analysis of illicit finance risks, sanctions risks, other law enforcement and national security interests, and implications for homo rights ; and
( seven ) an assessment of the effects that the growth of foreign CBDCs may have on United States interests by and large.
( hundred ) The Chairman of the Board of Governors of the Federal Reserve System ( Chairman of the Federal Reserve ) is encouraged to continue to research and report on the extent to which CBDCs could improve the efficiency and reduce the costs of existing and future payments systems, to continue to assess the optimum phase of a United States CBDC, and to develop a strategic plan for Federal Reserve and broader United States Government natural process, as allow, that evaluates the necessity steps and requirements for the electric potential execution and launch of a United States CBDC. The Chairman of the Federal Reserve is besides encouraged to evaluate the extent to which a United States CBDC, based on the likely design options, could enhance or impede the ability of monetary policy to function effectively as a critical macroeconomic stabilization tool.
( five hundred ) The Attorney General, in reference with the Secretary of the Treasury and the Chairman of the Federal Reserve, shall :
( one ) within 180 days of the date of this ordain, provide to the President through the APNSA and APEP an judgment of whether legislative changes would be necessary to issue a United States CBDC, should it be deemed allow and in the national pastime ; and
( two ) within 210 days of the date of this order, provide to the President through the APNSA and the APEP a comparable legislative proposal, based on consideration of the report submitted by the Secretary of the Treasury under section 4 ( bacillus ) of this order and any materials developed by the Chairman of the Federal Reserve reproducible with section 4 ( c ) of this order.

Sec. 5. Measures to Protect Consumers, Investors, and Businesses. ( a ) The increased use of digital assets and digital asset exchanges and trade platforms may increase the risks of crimes such as imposter and larceny, other statutory and regulative violations, privacy and datum breaches, unfair and abusive acts or practices, and other cyber incidents faced by consumers, investors, and businesses. The rise in practice of digital assets, and differences across communities, may besides present disparate fiscal risk to less inform grocery store participants or exacerbate inequities. It is critical to ensure that digital assets do not pose undue risks to consumers, investors, or businesses, and to put in place protections as a separate of efforts to expand access to safe and low-cost fiscal services.
( b ) coherent with the goals stated in section 5 ( a ) of this order :
( i ) Within 180 days of the date of this order, the Secretary of the Treasury, in consultation with the Secretary of Labor and the heads of early relevant agencies, including, as appropriate, the heads of independent regulative agencies such as the FTC, the SEC, the CFTC, Federal bank agencies, and the CFPB, shall submit to the President a report, or section of the report required by section 4 of this order, on the implications of developments and adoption of digital assets and changes in fiscal market and payment system infrastructures for United States consumers, investors, businesses, and for equitable economic emergence. One department of the report shall address the conditions that would drive aggregate borrowing of different types of digital assets and the risks and opportunities such growth might present to United States consumers, investors, and businesses, including a concentrate on how technological invention may impact these efforts and with an eye toward those most vulnerable to disparate impacts. The report shall besides include policy recommendations, including likely regulative and legislative actions, as appropriate, to protect United States consumers, investors, and businesses, and support expanding access to safe and low-cost fiscal services. The report shall be coordinated through the interagency process described in department 3 of this arrange.
( two ) Within 180 days of the date of this order, the Director of the Office of Science and Technology Policy and the Chief Technology Officer of the United States, in consultation with the Secretary of the Treasury, the Chairman of the Federal Reserve, and the heads of other relevant agencies, shall submit to the President a technical evaluation of the technical infrastructure, capability, and expertness that would be necessary at relevant agencies to facilitate and support the introduction of a CBDC system should one be proposed. The evaluation should specifically address the technical risks of the diverse designs, including with esteem to emerging and future technological developments, such as quantum calculate. The evaluation should besides include any reflections or recommendations on how the inclusion of digital assets in Federal processes may affect the exploit of the United States Government and the provision of Government services, including risks and benefits to cybersecurity, customer feel, and social‑safety‑net programs. The evaluation shall be coordinated through the interagency process described in section 3 of this order.
( three ) Within 180 days of the date of this club, the Attorney General, in reference with the Secretary of the Treasury and the Secretary of Homeland Security, shall submit to the President a report on the character of jurisprudence enforcement agencies in detection, investigation, and prosecuting criminal bodily process related to digital assets. The composition shall include any recommendations on regulative or legislative actions, as appropriate.
( intravenous feeding ) The Attorney General, the Chair of the FTC, and the Director of the CFPB are each encouraged to consider what, if any, effects the increase of digital assets could have on rival policy.
( vanadium ) The Chair of the FTC and the Director of the CFPB are each encouraged to consider the extent to which privacy or consumer protection measures within their respective jurisdictions may be used to protect users of digital assets and whether extra measures may be needed.
( six ) The Chair of the SEC, the Chairman of the CFTC, the Chairman of the Federal Reserve, the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation, and the Comptroller of the Currency are each encouraged to consider the extent to which investor and commercialize security measures within their respective jurisdictions may be used to address the risks of digital assets and whether extra measures may be needed.
( seven ) Within 180 days of the date of this order, the Director of the Office of Science and Technology Policy, in reference with the Secretary of the Treasury, the Secretary of Energy, the Administrator of the Environmental Protection Agency, the Chair of the Council of Economic Advisers, the Assistant to the President and National Climate Advisor, and the heads of other relevant agencies, shall submit a report to the President on the connections between distributed daybook engineering and short-, medium-, and long-run economic and department of energy transitions ; the likely for these technologies to impede or advance efforts to tackle climate change at dwelling and abroad ; and the impacts these technologies have on the environment. This report shall be coordinated through the interagency serve described in segment 3 of this regulate. The report should besides address the effect of cryptocurrencies ’ consensus mechanism on department of energy custom, including research into electric potential extenuate measures and option mechanisms of consensus and the blueprint tradeoffs those may entail. The reputation should specifically address :
( A ) electric potential uses of blockchain that could support monitor or mitigating technologies to climate impacts, such as exchange of liabilities for greenhouse flatulence emissions, water, and early natural or environmental assets ; and
( B ) implications for department of energy policy, including as it relates to grid management and dependability, energy efficiency incentives and standards, and sources of energy issue.
( eight ) Within 1 year of submission of the report described in department 5 ( barn ) ( seven ) of this order, the Director of the Office of Science and Technology Policy, in reference with the Secretary of the Treasury, the Secretary of Energy, the Administrator of the Environmental Protection Agency, the Chair of the Council of Economic Advisers, and the heads of early relevant agencies, shall update the report described in part 5 ( bacillus ) ( seven ) of this order, including to address any cognition gaps identified in such composition.

Sec. 6. Actions to Promote Financial Stability, Mitigate Systemic Risk, and Strengthen Market Integrity. ( a ) fiscal regulators — including the SEC, the CFTC, and the CFPB and Federal bank agencies — play critical roles in establishing and overseeing protections across the fiscal system that safeguard its integrity and promote its stability. Since 2017, the Secretary of the Treasury has convened the Financial Stability Oversight Council ( FSOC ) to assess the fiscal stability risks and regulative gaps posed by the ongoing adoption of digital assets. The United States must assess and take steps to address risks that digital assets pose to fiscal stability and fiscal market integrity.
( bel ) Within 210 days of the date of this order, the Secretary of the Treasury should convene the FSOC and produce a report outlining the specific fiscal stability risks and regulative gaps posed by diverse types of digital assets and providing recommendations to address such risks. As the Secretary of the Treasury and the FSOC deem appropriate, the report should consider the particular features of versatile types of digital assets and include recommendations that address the identify fiscal constancy risks posed by these digital assets, including any proposals for extra or adjusted regulation and supervision equally well as for newly legislation. The report should take account of the prior analyses and assessments of the FSOC, agencies, and the President ’ s Working Group on Financial Markets, including the ongoing work of the Federal bank agencies, as allow.

Sec. 7. Actions to Limit Illicit Finance and Associated National Security Risks. ( a ) Digital assets have facilitated twist cybercrime‑related fiscal networks and bodily process, including through ransomware activity. The growing consumption of digital assets in fiscal activeness heightens risks of crimes such as money laundering, terrorist and proliferation finance, imposter and larceny schemes, and corruption. These illegitimate activities highlight the necessitate for ongoing examination of the habit of digital assets, the extent to which technological invention may impact such activities, and exploration of opportunities to mitigate these risks through regulation, supervision, public‑private battle, oversight, and police enforcement.
( bacillus ) Within 90 days of submission to the Congress of the National Strategy for Combating Terrorist and early Illicit Financing, the Secretary of the Treasury, the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and the heads of early relevant agencies may each present to the President supplementary annexes, which may be classified or unclassified, to the Strategy offering extra views on illicit finance risks posed by digital assets, including cryptocurrencies, stablecoins, CBDCs, and trends in the function of digital assets by illicit actors.
( c ) Within 120 days of submission to the Congress of the National Strategy for Combating Terrorist and other Illicit Financing, the Secretary of the Treasury, in consultation with the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and the heads of other relevant agencies shall develop a coordinated legal action design based on the Strategy ’ mho conclusions for mitigating the digital‑asset-related illegitimate finance and national security risks addressed in the update strategy. This natural process plan shall be coordinated through the interagency process described in department 3 of this order. The action plan shall address the function of law enforcement and measures to increase fiscal services providers ’ complaisance with AML/CFT obligations related to digital asset activities.
( five hundred ) Within 120 days following completion of all of the follow reports — the National Money Laundering Risk Assessment ; the National Terrorist Financing Risk Assessment ; the National Proliferation Financing Risk Assessment ; and the update National Strategy for Combating Terrorist and other Illicit Financing — the Secretary of the Treasury shall notify the relevant agencies through the interagency process described in section 3 of this decree on any pending, proposed, or prospective rulemakings to address digital asset illegitimate finance risks. The Secretary of the Treasury shall consult with and consider the perspectives of relevant agencies in evaluating opportunities to mitigate such risks through regulation.

Sec. 8. policy and Actions Related to Fostering International Cooperation and United States Competitiveness. ( a ) The policy of my presidency on fostering international cooperation and United States competitiveness with regard to digital assets and fiscal invention is as follows :
( one ) Technology-driven fiscal invention is frequently cross-border and therefore requires international cooperation among public authorities. This cooperation is critical to maintaining gamey regulative standards and a level play field. Uneven regulation, supervision, and submission across jurisdictions creates opportunities for arbitrage and raises risks to fiscal stability and the protection of consumers, investors, businesses, and markets. Inadequate AML/CFT regulation, supervision, and enforcement by other countries challenges the ability of the United States to investigate illegitimate digital asset transaction flows that frequently leap overseas, as is much the case in ransomware payments and other cybercrime-related money laundering. There must besides be cooperation to reduce inefficiencies in international funds transfer and payment systems.
( two ) The United States Government has been active in international forum and through bilateral partnerships on many of these issues and has a full-bodied agenda to continue this exploit in the coming years. While the United States held the put of President of the FATF, the United States led the group in developing and adopting the first external standards on digital assets. The United States must continue to work with international partners on standards for the development and allow interoperability of digital payment architectures and CBDCs to reduce payment inefficiencies and ensure that any fresh funds transfer and payment systems are consistent with United States values and legal requirements.
( three ) While the United States held the stead of President of the 2020 G7, the United States established the G7 Digital Payments Experts Group to discuss CBDCs, stablecoins, and other digital requital issues. The G7 report outlining a set of policy principles for CBDCs is an crucial contribution to establishing guidelines for jurisdictions for the exploration and electric potential development of CBDCs. While a CBDC would be issued by a country ’ s cardinal bank, the supporting infrastructure could involve both populace and individual participants. The G7 report highlighted that any CBDC should be grounded in the G7 ’ s long-standing public commitments to transparency, the rule of law, and reasoned economic government, american samoa well as the forwarding of rival and invention.
( intravenous feeding ) The United States continues to support the G20 roadmap for addressing challenges and frictions with cross-border funds transfers and payments for which sour is afoot, including exercise on improvements to existing systems for cross-border funds transfers and payments, the international dimensions of CBDC designs, and the potential of well-regulated stablecoin arrangements. The external Financial Stability Board ( FSB ), together with standard-setting bodies, is leading work on issues related to stablecoins, cross‑border funds transfers and payments, and early international dimensions of digital assets and payments, while FATF continues its leadership in setting AML/CFT standards for digital assets. such international work should continue to address the full moon spectrum of issues and challenges raised by digital assets, including fiscal stability, consumer, investor, and clientele risks, and money wash, terrorist financing, proliferation financing, sanctions evasion, and other illicit activities.
( five ) My Administration will elevate the importance of these topics and expand engagement with our critical external partners, including through fora such as the G7, G20, FATF, and FSB. My presidency will support the ongoing international work and, where appropriate, press for extra work to drive development and execution of holistic standards, cooperation and coordination, and information partake. With respect to digital assets, my Administration will seek to ensure that our core democratic values are respected ; consumers, investors, and businesses are protected ; allow ball-shaped fiscal arrangement connectivity and platform and computer architecture interoperability are preserved ; and the guard and firmness of the ball-shaped fiscal organization and international monetary system are maintained.
( barn ) In promotion of the policy stated in section 8 ( a ) of this order :
( one ) Within 120 days of the date of this order, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Administrator of the United States Agency for International Development, and the heads of other relevant agencies, shall establish a framework for interagency international employment with extraneous counterparts and in international forum to, as allow, adjust, update, and enhance borrowing of global principles and standards for how digital assets are used and transacted, and to promote development of digital asset and CBDC technologies consistent with our values and legal requirements. This framework shall be coordinated through the interagency process described in section 3 of this order. This framework shall include specific and prioritize lines of campaign and coordinated message ; interagency engagement and activities with extraneous partners, such as foreign aid and capacity-building efforts and coordination of global submission ; and whole‑of‑government efforts to promote international principles, standards, and best practices. This framework should reflect ongoing leadership by the Secretary of the Treasury and fiscal regulators in relevant external fiscal standards bodies, and should elevate United States battle on digital assets issues in technical standards bodies and other international fora to promote development of digital asset and CBDC technologies consistent with our values.
( two ) Within 1 year of the date of the administration of the model required by section 8 ( b-complex vitamin ) ( iodine ) of this rate, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Director of the Office of Management and Budget, the Administrator of the United States Agency for International Development, and the heads of early relevant agencies as allow, shall submit a report to the President on priority actions taken under the model and its potency. This report shall be coordinated through the interagency process described in department 3 of this order.
( three ) Within 180 days of the date of this club, the Secretary of Commerce, in consultation with the Secretary of State, the Secretary of the Treasury, and the heads of other relevant agencies, shall establish a model for enhancing United States economic competitiveness in, and leverage of, digital asset technologies. This framework shall be coordinated through the interagency process described in section 3 of this order.
( intravenous feeding ) Within 90 days of the date of this order, the Attorney General, in reference with the Secretary of State, the Secretary of the Treasury, and the Secretary of Homeland Security, shall submit a report to the President on how to strengthen international law enforcement cooperation for detecting, investigating, and prosecuting condemnable activeness related to digital assets.

Sec. 9. Definitions. For the purposes of this order :
( a ) The terminus “ blockchain ” refers to distributed ledger technologies where data is shared across a network that creates a digital ledger of verify transactions or information among network participants and the data are typically linked using cryptanalysis to maintain the integrity of the daybook and execute other functions, including transfer of ownership or measure.
( b ) The term “ central bank digital currency ” or “ CBDC ” refers to a shape of digital money or monetary respect, denominated in the national unit of account, that is a directly liability of the central bank.
( coke ) The term “ cryptocurrencies ” refers to a digital asset, which may be a metier of exchange, for which generation or possession records are supported through a spread ledger engineering that relies on cryptography, such as a blockchain.
( d ) The term “ digital assets ” refers to all CBDCs, careless of the engineering used, and to early representations of prize, fiscal assets and instruments, or claims that are used to make payments or investments, or to transmit or exchange funds or the equivalent thereof, that are issued or represented in digital form through the function of distribute daybook technology. For exercise, digital assets include cryptocurrencies, stablecoins, and CBDCs. Regardless of the label used, a digital asset may be, among other things, a security, a commodity, a derivative instrument, or other fiscal product. Digital assets may be exchanged across digital asset deal platforms, including centralized and decentralized finance platforms, or through peer-to-peer technologies.
( e ) The terminus “ stablecoins ” refers to a category of cryptocurrencies with mechanisms that are aimed at maintaining a stable value, such as by pegging the value of the mint to a specific currentness, asset, or pool of assets or by algorithmically controlling issue in reception to changes in demand in order to stabilize value.

Sec. 10. general Provisions. ( a ) nothing in this order shall be construed to impair or otherwise affect :
( one ) the authority granted by law to an executive department or means, or the head thence ; or
( two ) the functions of the Director of the Office of Management and Budget refer to budgetary, administrative, or legislative proposals.
( bacillus ) This order shall be implemented coherent with applicable law and subject to the handiness of appropriations.
( hundred ) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in fairness by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any early person.
JOSEPH R. BIDEN JR.

THE WHITE HOUSE,
March 9, 2022.

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