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ARTICLE · 14 MARCH 2022

Executive Order Directs Development Of National Policy On Digital Assets

Groom Law Group, Chartered
Groom Law Group, Chartered
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On March 9, 2022, President Biden issued the highly-anticipated Executive Order on Ensuring Responsible Development of Digital Assets ("Executive Order").

United StatesFinance and Banking
Jacob W. Eigner
Jacob W. Eigner
Allison Itami
Allison Itami
Michael Kreps
Michael Kreps
Arsalan Malik
Arsalan Malik
George Sepsakos
George Sepsakos
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On March 9, 2022, President Biden issued the highly-anticipated Executive Order on Ensuring Responsible Development of Digital Assets ("Executive Order"). The Executive Order is in response to the significant growth and development of digital assets, which the Administration notes "necessitate an evolution and alignment" of the United States' approach to digital assets. Although the Executive Order does not explicitly reference benefit plans, it contemplates a role for the Secretary of Labor in the regulation of digital assets.

The Executive Order provides a framework for the development of a national policy on digital assets, and outlines the Biden Administration's key policy objectives and priorities. Notably, "digital asset" is defined broadly to include cryptocurrencies and "other representations of value, financial assets and instruments, or claims that are used to make payments or investments" that are "issued or represented in digital form" using

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