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ARTICLE · 23 MAY 2022

Biden Administration Orders Review Of Digital Assets

Cohen & Gresser LLP
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On March 9, 2022, President Biden issued an executive order on the "responsible development of digital assets." He directed a "whole government"...

United StatesTechnology
Douglas Pepe
Douglas Pepe
Alexandra Theobald
Alexandra Theobald
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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"), which, in conjunction with other agencies, will study the risks and impact of digital assets and explore the possibility of creating a Central Bank Digital Currency ("CBDC") in the United States.

CBDCs are digital versions of traditional currency issued by a sovereign state. Biden's proposal in essence 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. Like cryptocurrencies, CBDCs can be used for digital transactions in electronic tokens using public/private key pairs, though other structures are also being considered.1

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