Digital Asset Executive Order – To be signed by Biden
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Book a free exploratory callThis article was published in early 2022. For the latest guidance on cryptocurrency taxation in the US, refer to our updated U.S. Crypto Tax Guide.
The much-anticipated Digital Asset Executive Order includes the governmental bodies responsible for each priority.The six priorities & governmental bodies are the following:
- Consumer and investor protection – Department of the Treasury and other agencies.
- Financial stability – Financial Stability Oversight Council.
- Illicit Finance & National Security Risks – all relevant U.S. Government agencies to mitigate these risks & their allies and partners.
- U.S. leadership in the global financial system & Economic competitiveness – Department of Commerce to work across the U.S.
- Financial inclusion; promote equitable access to safe and affordable financial services – The Secretary of the Treasury, working with all relevant agencies
- Responsible innovation – the U.S. Government is to study all integrated parts to understand support technological advances.
The U.S. Government will also explore a U.S. Central Bank Digital Currency (CBDC).See Update on United States Crypto Regulation and Couple pushes for a clear policy on staking tax in the US.
Official Sources
- Federal Register: Executive Order 14067 on Ensuring Responsible Development of Digital Assets: the full published text of the order and its six priorities.
- Federal Register: Executive Order 14178 Strengthening American Leadership in Digital Financial Technology: the later executive order that revised US digital asset policy.
- IRS: Digital Assets: current IRS guidance on how digital assets are taxed and reported.
Frequently Asked Questions
What is the Digital Asset Executive Order?
It is the first whole-of-government approach to digital assets, signed on 9 March 2022. It addresses the risks involved in digital assets and, more importantly, focuses on harnessing the potential benefits of digital assets and the technology underneath them.
What are the six priorities in the order?
Consumer and investor protection, financial stability, illicit finance and national security risks, US leadership in the global financial system and economic competitiveness, financial inclusion and equitable access to safe and affordable financial services, and responsible innovation.
Which government bodies are responsible for each priority?
The Department of the Treasury and other agencies lead on consumer and investor protection, the Financial Stability Oversight Council on financial stability, all relevant US government agencies together with allies and partners on illicit finance, the Department of Commerce on competitiveness, and the Secretary of the Treasury with all relevant agencies on financial inclusion.
Does the order cover a US central bank digital currency?
Yes. The order commits the US government to exploring a US Central Bank Digital Currency alongside the six national policy priorities.
Does the executive order change how crypto is taxed?
The order sets out policy priorities and the agencies accountable for them. It is not a source of filing rules, and this article dates from early 2022, so current reporting guidance should be taken from an up to date US crypto tax guide.
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Chris Herbst is the founder of CountDeFi, a crypto tax specialist whose qualifications span investment management, financial analysis, mathematical statistics and computer science. He holds the Chartered Business Accountant in Practice (CBAP) designation with the Chartered Institute for Business Accountants (CIBA) and the General Tax Practitioner (GTP) designation with the South African Institute of Taxation (SAIT). His combined background in investments, accounting and tax, mathematical statistics and computer science underpins his work in complex crypto tax reporting. This article is for educational purposes only and does not constitute tax, legal or investment advice. Consult a qualified tax professional for guidance specific to your situation. View our Editorial Policy.
