On March 9, 2022, U.S. President Joe Biden signed an executive order calling on government to examine the risks and benefits of cryptocurrencies. The Order:
Lays out a national policy for digital assets across six key priorities: consumer and investor protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion, and responsible innovation.
Directs the U.S. government to assess the technological infrastructure and capacity needs for a potential U.S. Central Bank Digital Currency. The U.S. Federal Reserve issued a paper on the topic in January that explores the risks and benefits of U.S.-backed digital currency.
Calls on federal agencies to take a unified approach to regulation and oversight of digital assets.