Executive Order on Development of Digital Assets

Last week, President Biden issued an Executive Order on "Ensuring Responsible Development of Digital Assets." The key objectives established in the EO are:

• Protection of consumers, investors, and businesses in the United States
• Protection of United States and global financial stability and mitigation of system risk
• Mitigation of illicit finance and national security risks posted by misuse of digital assets
• Reinforcement of United States leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digit assets
• Promotion of access to safe and affordable financial services
• Support of technological advances that promote responsible development of digital assets

CFPB Director Rohit Chopra released the following statement on President Biden’s executive order:

“Today’s executive order recognizes that the dramatic growth in digital asset markets has created profound implications for financial stability, consumer protection, national security, and energy demand. The Consumer Financial Protection Bureau is committed to working to promote competition and innovation, while also reducing the risks that digital assets could pose to our safety and security. We must make sure Americans in all financial markets are protected against errors, theft, or fraud.”