Digital Asset Executive Order – To be signed by Biden

The much-anticipated Digital Asset Executive Order will be signed today, 9 March 2022. The market is feeling the positivity with the first breath of fresh air, with Bitcoin topping the $41K mark.The Order is the first-ever whole-of-government approach and will be addressing the risks involved in digital assets. Still, more importantly, it will focus on harnessing the potential benefits of digital assets and their underlying technology.The Digital Asset Executive Order lays out the six key priorities, which will form part of national policy. It includes the governmental bodies responsible for each priority.The six priorities & governmental bodies are the following:

1. Consumer and investor protection – Department of the Treasury and other agencies.
2. Financial stability – Financial Stability Oversight Council.
3. Illicit Finance & National Security Risks – all relevant U.S. Government agencies to mitigate these risks & their allies and partners.
4. U.S. leadership in the global financial system & Economic competitiveness – Department of Commerce to work across the U.S.
5. Financial inclusion; promote equitable access to safe and affordable financial services – The Secretary of the Treasury, working with all relevant agencies
6. 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.