White House Releases Comprehensive Framework for Responsible Development of Digital Assets

Digital assets present potential opportunities to reinforce US leadership in the global financial system and remain at the technological frontier. President Biden’s March 9, 2022 Executive Order on Ensuring Responsible Development of Digital Assets outlined the first whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology. Agencies across the government have worked together to develop frameworks and policy recommendations that advance the six key priorities identified in the Order:

1. Consumer and Investor Protection -  issuing guidance, increasing enforcement resources, and aggressively pursuing fraudulent actors.
2. Promoting Financial Stability - collaborating with financial institutions to bolster their cybersecurity capabilities and neutralize emerging strategic risks.
3. Countering Illicit Finance - monitoring the development of the digital assets sector and working to expose and disrupt illicit actors.
4. US Leadership in the Digital Assets Sector - leveraging US positions in international organizations to set standards for the digital asset sectors.
5. Financial Inclusion - exploring a US Central Bank Digital Currency that enables access to a broad swath of US consumers.
6. Responsible Innovation - developing a Digital Assets Research and Development Agenda and encouraging innovation in US-based, digital assets firms. 

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