Strengthening U.S. Leadership in Digital Financial Technology – The White House

Pursuant to the authority vested in me as President by the Constitution and laws of the United States of America, and to promote United States leadership in digital assets and financial technology while protecting economic freedom, the following is ordered:

Section 1. Purpose and Policies. (a) The digital assets industry plays a crucial role in innovation and economic development in the United States, as well as our country’s international leadership. It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology and related technologies across all sectors of the economy, including by:

(i) protect and promote the ability of individual citizens and private sector entities to access and use open public blockchain networks for lawful purposes without persecution, including the ability to develop and deploy software, participate in mining and validation, to transact with others without illegal censorship and to maintain self-custody of digital assets;

(ii) promote and protect the sovereignty of the U.S. dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins throughout the world;

(iii) protect and promote fair and open access to banking services for all law-abiding citizens and private sector entities;

(iv) ensuring regulatory clarity and certainty based on technology-neutral regulations, frameworks that account for emerging technologies, transparent decision-making and well-defined jurisdictional regulatory boundaries, all of which are essential to supporting an economy dynamic and inclusive digital and innovation in digital assets, permissionless blockchains and distributed ledger technologies; And

(v) take steps to protect Americans from risks related to central bank digital currencies (CBDCs), which threaten the stability of the financial system, individual privacy, and sovereignty of the United States, including by prohibiting the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States.

Second. 2. Definitions. (a) For the purposes of this order, the term ““digital asset” refers to any digital representation of value recorded on a distributed ledger, including cryptocurrencies, digital tokens and stablecoins.

(b) The term “blockchain” means any technology in which data is:

(i) shared over a network to create a public record of transactions or verified information among network participants;

(ii) relating to the use of cryptography to maintain the integrity of the public ledger and perform other functions;

(iii) distributed among Network Participants in an automated manner to simultaneously inform Network Participants of the status of the public ledger and any other functions; And

(iv) composed of publicly available source code.

(c) “Central bank digital currency” means a form of digital currency or monetary value, denominated in the national unit of account, which constitutes a direct liability of the central bank.

Second. 3. Revocation of Executive Order 14067 and Department of the Treasury Framework of July 7, 2022. (a) Executive Order 14067 of March 9, 2022 (Ensuring the Responsible Development of Digital Assets) is hereby repealed.

(b) The Secretary of the Treasury is directed to immediately revoke the “International Engagement Framework on Digital Assets», published on July 7, 2022.

(c) All policies, directives, and guidance issued pursuant to Executive Order 14067 and the Department of the Treasury’s Framework for International Engagement on Digital Assets are hereby rescinded or will be rescinded by the Secretary of the Treasury, as applicable, in to the extent that they are incompatible with the provisions of this order.

(d) The Secretary of the Treasury will take all appropriate measures to ensure compliance with the policies set forth in this Order.

Second. 4. Establishment of the President‘Digital Asset Markets Working Group. (a) There is established within the National Economic Council the President’s Task Force on Digital Asset Markets (Task Force). The working group will be chaired by the Special Advisor for AI and Cryptography (Chair). In addition to the president, the working group will include the following officials, or their representatives:

(i) the Secretary of the Treasury;

(ii) the Attorney General;

(iii) the Secretary of Commerce;

(iv) the Secretary of Homeland Security;

(v) the Director of the Management and Budget Department;

(vi) the Assistant to the President for National Security Affairs;

(vii) the Assistant to the President for National Economic Policy (APEP);

(viii) Assistant to the President for Science and Technology;

(ix) the internal security advisor;

(x) the Chairman of the Securities and Exchange Commission; And

(xi) the president of Commodity Futures Trading

Commission.

(xii) Where appropriate and consistent with applicable law, the President may invite the heads of other executive departments and agencies (agencies), or other senior officials of the Executive Office of the President, to attend meetings of the working group , based on the relevance of their expertise and responsibilities.

(b) Within 30 days after the date of this order, the Department of the Treasury, the Department of Justice, the Securities and Exchange Commission, and other relevant agencies, the heads of which are included in the Task Force, will identify all regulations, guidance documents, ordersor other matters that affect the digital asset industry. Within 60 days after the date of this Order, each agency shall submit recommendations to the President as to whether each identified regulation, guidance document, order, or other item should be rescinded or modified, or, for items other than the regulations , adopted in a regulation.

(c) Within 180 days of the date of this Order, the Task Force shall submit a report to the President, through APEP, who will recommend regulatory and legislative proposals advancing the policies established in this Order. In particular, the report will cover the following elements:

(i) The Task Force will propose a federal regulatory framework governing the issuance and operation of digital assets, including stablecoins, in the United States. The working group’s report will examine provisions relating to market structure, supervision, consumer protection and risk management.

(ii) The working group will evaluate the potential creation and maintenance of a national stockpile of digital assets and propose criteria for the establishment of such a stockpile, potentially derived from cryptocurrencies legally seized by the federal government in as part of its law enforcement efforts.

(d) The President will designate an Executive Director of the Task Force, who will be responsible for coordinating its daily functions. On matters affecting national security, the Working Group will consult with the National Security Council.

(e) Where appropriate and consistent with law, the Working Group will hold public hearings and receive individual expertise from leaders in digital assets and digital marketplaces.