Biden Administration Orders Review of Digital Assets
March 28, 2022
On March 9, 2022, President Biden issued an executive order on the “responsible development of digital assets.” He directed a “whole government” review of cryptocurrency assets, including directing the Secretary of the Treasury to convene the Financial Stability Oversight Council (“FSOC”).
- In conjunction with other agencies, the FSOC will study the risks and impact of digital assets and explore the possibility of creating a Central Bank Digital Currency in the United States.
- The order directs the executive agencies to explore creating a digital version of the U.S. dollar that could be used to facilitate digital transactions while still being controlled by the U.S. Department of the Treasury.
- President Biden expressed concern about the impact of cryptocurrencies on the integrity of the financial system.