official websiteofficial website

Original translation: Nian Qing

At 19:00 on March 9th, Beijing time, the official website of the White House announced that President Biden will sign an executive order on ensuring responsible innovation of digital assets today, and said that this is the first ever whole-of-government approach to address risks. and the potential benefits of utilizing digital assets and their underlying technologies.

U.S. National Security Advisor Jake Sullivan said the order establishes the administration’s policy priorities, including cryptocurrencies and any future U.S. central bank digital currency, to help guide the development of the digital asset ecosystem.

"This executive order creates the first comprehensive federal digital asset strategy for the United States and will help the United States continue to provide leadership in the innovation and governance of the digital asset ecosystem at home and abroad, thereby protecting consumers and enhancing the United States' global competitiveness. ” said Jake Sullivan.

According to the announcement, surveys indicate that approximately 16 percent of adult Americans (approximately 40 million people) have invested in, traded or used cryptocurrencies. More than 100 countries are exploring or piloting central bank digital currencies (CBDCs), a digital form of national sovereign currency.

The announcement also noted that the rise of digital assets creates opportunities to strengthen U.S. leadership in the global financial system and at the forefront of technology, but also has significant implications for consumer protection, financial stability, national security, and climate risk. The United States must maintain technological leadership and support innovation in this rapidly evolving field, while reducing risks to consumers, businesses, the broader financial system, and the climate. And, it must play a leading role in international engagement and global governance of digital assets consistent with democratic values ​​and U.S. global competitiveness.

The executive order establishes a national digital asset policy for six key priorities: consumer and investor protection, financial stability, illicit financial activities, U.S. leadership in the global financial system and economic competition, financial inclusion, and responsible innovation.

Specifically, the executive order calls for steps to:

1. Protect U.S. consumers, investors, and investments by directing Treasury and other agency partners to evaluate and develop policy recommendations to address the impact of a growing digital asset sector and financial market changes on consumers, investors, businesses, and equitable economic growth makers and businesses. The order also encourages regulators to ensure adequate oversight against any systemic financial risks posed by digital assets.

2. Protect U.S. and global financial stability and mitigate systemic risk by encouraging the Financial Stability Oversight Board to identify and mitigate economy-wide (i.e., systemic) financial risks posed by digital assets and develop appropriate policy recommendations to address any regulatory gaps .

3. By directing relevant U.S. government agencies to take unprecedented coordinated actions to reduce the illicit financial and national security risks posed by the illicit use of digital assets. It also directs agencies to work with allies and partners to ensure international norms, regulatory capacity and partnerships are aligned and responsive to risks.

4. Promote U.S. leadership in technology and economic competitiveness by directing the Department of Commerce to work with the U.S. government to establish a framework to advance U.S. competitiveness and leadership in the field and utilization of digital asset technology and strengthen U.S. leadership in global finance leadership in the system. This framework will serve as the foundation for the institution and prioritize its policy, research and development, and operational approach to digital assets.

5. Promoting equitable access to safe, affordable, and accessible financial services, a critical need of the U.S. national interest, must inform our approach to digital asset innovation, including differential implications risk. This secure access is especially important for long-standing communities where adequate financial services are not available, and the Secretary of the Treasury will work with all agencies to produce a report on the future of money and payment systems, including considerations for economic growth, financial growth and inclusion The implications for national security, and the extent to which technological innovations affect the future.

6. Support technological progress and ensure the responsible development and use of digital assets. The approach is to direct the U.S. government to take concrete steps to research and support technological advances in the design and implementation of responsible development of digital asset systems, while prioritizing privacy, security, combating illicit exploitation, and reducing negative climate impacts.

7. Explore a U.S. Central Bank Digital Currency (CBDC), viewing research and development of a potential U.S. CBDC as in the national interest. The order directs the U.S. government to assess the technical infrastructure and capacity needs of a potential U.S. CBDC in a manner that protects the interests of Americans. The order also encourages the Federal Reserve to continue its research development and evaluation efforts for a U.S. CBDC, including developing a broader U.S. government action plan to support its work. This work prioritizes U.S. participation in multinational trials and ensures U.S. international leadership in promoting CBDC development consistent with U.S. priorities and democratic values.

Finally, the White House also said the administration will continue to work across agencies and with Congress to develop policies that guard against risk and steer responsible innovation, work with allies and partners to develop a coordinated international capability to address national security risks, and work with the private sector on research and supporting technological advancements in digital assets.