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ARTICLE · 27 SEPTEMBER 2022

U.S. Treasury Issues Three Reports On The Future Of Digital Assets And Central Bank Digital Currency

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On September 16, 2022, the Treasury Department issued three reports pursuant to President Joseph Biden's March 9 Executive Order 14067 on "Ensuring Responsible Development of Digital Assets."...

United StatesTechnology
Andrew Olmem
Andrew Olmem
Joseph A. Castelluccio
Joseph A. Castelluccio
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On September 16, 2022, the Treasury Department issued three reports pursuant to President Joseph Biden's March 9 Executive Order 14067 on "Ensuring Responsible Development of Digital Assets." (For more information on the executive order, please see our prior Legal Update "Biden Executive Order Calls for Regulatory Proposals on Digital Assets and Central Bank Digital Currency.") The issuance of the reports was followed by Treasury Under Secretary for Domestic Finance Nellie Liang giving remarks at the Brookings Institution on September 22 explaining the reports and their recommendations.

The Treasury reports—titled The Future of Money and Payments; Crypto-Assets: Implications for Consumers, Investors, and Businesses; and Action Plan to Address Illicit Financing Risks of Digital Assets—provide an overview of the operation and current uses of digital assets, the role of payment systems in the financial system and the emergence of nonbank payment systems; a discussion

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