Presidential Documents

14143 

Federal Register 

Vol. 87, No. 49 

Monday, March 14, 2022 

Title 3— 

The President 

Executive Order 14067 of March 9, 2022 

Ensuring Responsible Development of Digital Assets 

By the authority vested in me as President by the Constitution and the 

laws of the United States of America, it is hereby ordered as follows: 

Section 1. Policy. Advances in digital and distributed ledger technology 

for financial services have led to dramatic growth in markets for digital 

assets, with profound implications for the protection of consumers, investors, 

and businesses, including data privacy and security; financial stability and 

systemic risk; crime; national security; the ability to exercise human rights; 

financial inclusion and equity; and energy demand and climate change. 

In November 2021, non–state issued digital assets reached a combined market 

capitalization of $3 trillion, up from approximately $14 billion in early 

November 2016. Monetary authorities globally are also exploring, and in 

some cases introducing, central bank digital currencies (CBDCs). 

While many activities involving digital assets are within the scope of existing 

domestic laws and regulations, an area where the United States has been 

a global leader, growing development and adoption of digital assets and 

related innovations, as well as inconsistent controls to defend against certain 

key risks, necessitate an evolution and alignment of the United States Government approach to digital assets. The United States has an interest in responsible financial innovation, expanding access to safe and affordable financial 

services, and reducing the cost of domestic and cross-border funds transfers 

and payments, including through the continued modernization of public 

payment systems. We must take strong steps to reduce the risks that digital 

assets could pose to consumers, investors, and business protections; financial 

stability and financial system integrity; combating and preventing crime 

and illicit finance; national security; the ability to exercise human rights; 

financial inclusion and equity; and climate change and pollution. 

Sec. 2. Objectives. The principal policy objectives of the United States with 

respect to digital assets are as follows: 

(a) We must protect consumers, investors, and businesses in the United 

States. The unique and varied features of digital assets can pose significant 

financial risks to consumers, investors, and businesses if appropriate protections are not in place. In the absence of sufficient oversight and standards, 

firms providing digital asset services may provide inadequate protections 

for sensitive financial data, custodial and other arrangements relating to 

customer assets and funds, or disclosures of risks associated with investment. 

Cybersecurity and market failures at major digital asset exchanges and trading 

platforms have resulted in billions of dollars in losses. The United States 

should ensure that safeguards are in place and promote the responsible 

development of digital assets to protect consumers, investors, and businesses; 

maintain privacy; and shield against arbitrary or unlawful surveillance, which 

can contribute to human rights abuses. 

(b) We must protect United States and global financial stability and mitigate 

systemic risk. Some digital asset trading platforms and service providers 

have grown rapidly in size and complexity and may not be subject to 

or in compliance with appropriate regulations or supervision. Digital asset 

issuers, exchanges and trading platforms, and intermediaries whose activities 

may increase risks to financial stability, should, as appropriate, be subject 

to and in compliance with regulatory and supervisory standards that govern 

traditional market infrastructures and financial firms, in line with the general 


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principle of ‘‘same business, same risks, same rules.’’ The new and unique 

uses and functions that digital assets can facilitate may create additional 

economic and financial risks requiring an evolution to a regulatory approach 

that adequately addresses those risks. 

(c) We must mitigate the illicit finance and national security risks posed 

by misuse of digital assets. Digital assets may pose significant illicit finance 

risks, including money laundering, cybercrime and ransomware, narcotics 

and human trafficking, and terrorism and proliferation financing. Digital 

assets may also be used as a tool to circumvent United States and foreign 

financial sanctions regimes and other tools and authorities. Further, while 

the United States has been a leader in setting international standards for 

the regulation and supervision of digital assets for anti–money laundering 

and countering the financing of terrorism (AML/CFT), poor or nonexistent 

implementation of those standards in some jurisdictions abroad can present 

significant illicit financing risks for the United States and global financial 

systems. Illicit actors, including the perpetrators of ransomware incidents 

and other cybercrime, often launder and cash out of their illicit proceeds 

using digital asset service providers in jurisdictions that have not yet effectively implemented the international standards set by the inter-governmental 

Financial Action Task Force (FATF). The continued availability of service 

providers in jurisdictions where international AML/CFT standards are not 

effectively implemented enables financial activity without illicit finance controls. Growth in decentralized financial ecosystems, peer-to-peer payment 

activity, and obscured blockchain ledgers without controls to mitigate illicit 

finance could also present additional market and national security risks 

in the future. The United States must ensure appropriate controls and accountability for current and future digital assets systems to promote high 

standards for transparency, privacy, and security—including through regulatory, governance, and technological measures—that counter illicit activities 

and preserve or enhance the efficacy of our national security tools. When 

digital assets are abused or used in illicit ways, or undermine national 

security, it is in the national interest to take actions to mitigate these illicit 

finance and national security risks through regulation, oversight, law enforcement action, or use of other United States Government authorities. 

(d) We must reinforce United States leadership in the global financial 

system and in technological and economic competitiveness, including 

through the responsible development of payment innovations and digital 

assets. The United States has an interest in ensuring that it remains at 

the forefront of responsible development and design of digital assets and 

the technology that underpins new forms of payments and capital flows 

in the international financial system, particularly in setting standards that 

promote: democratic values; the rule of law; privacy; the protection of consumers, investors, and businesses; and interoperability with digital platforms, 

legacy architecture, and international payment systems. The United States 

derives significant economic and national security benefits from the central 

role that the United States dollar and United States financial institutions 

and markets play in the global financial system. Continued United States 

leadership in the global financial system will sustain United States financial 

power and promote United States economic interests. 

(e) We must promote access to safe and affordable financial services. 

Many Americans are underbanked and the costs of cross-border money 

transfers and payments are high. The United States has a strong interest 

in promoting responsible innovation that expands equitable access to financial services, particularly for those Americans underserved by the traditional 

banking system, including by making investments and domestic and crossborder funds transfers and payments cheaper, faster, and safer, and by promoting greater and more cost-efficient access to financial products and services. The United States also has an interest in ensuring that the benefits 

of financial innovation are enjoyed equitably by all Americans and that 

any disparate impacts of financial innovation are mitigated. 


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(f) We must support technological advances that promote responsible development and use of digital assets. The technological architecture of different 

digital assets has substantial implications for privacy, national security, the 

operational security and resilience of financial systems, climate change, 

the ability to exercise human rights, and other national goals. The United 

States has an interest in ensuring that digital asset technologies and the 

digital payments ecosystem are developed, designed, and implemented in 

a responsible manner that includes privacy and security in their architecture, 

integrates features and controls that defend against illicit exploitation, and 

reduces negative climate impacts and environmental pollution, as may result 

from some cryptocurrency mining. 

Sec. 3. Coordination. The Assistant to the President for National Security 

Affairs (APNSA) and the Assistant to the President for Economic Policy 

(APEP) shall coordinate, through the interagency process described in National Security Memorandum 2 of February 4, 2021 (Renewing the National 

Security Council System), the executive branch actions necessary to implement this order. The interagency process shall include, as appropriate: the 

Secretary of State, the Secretary of the Treasury, the Secretary of Defense, 

the Attorney General, the Secretary of Commerce, the Secretary of Labor, 

the Secretary of Energy, the Secretary of Homeland Security, the Administrator of the Environmental Protection Agency, the Director of the Office 

of Management and Budget, the Director of National Intelligence, the Director 

of the Domestic Policy Council, the Chair of the Council of Economic Advisers, the Director of the Office of Science and Technology Policy, the Administrator of the Office of Information and Regulatory Affairs, the Director of 

the National Science Foundation, and the Administrator of the United States 

Agency for International Development. Representatives of other executive 

departments and agencies (agencies) and other senior officials may be invited 

to attend interagency meetings as appropriate, including, with due respect 

for their regulatory independence, representatives of the Board of Governors 

of the Federal Reserve System, the Consumer Financial Protection Bureau 

(CFPB), the Federal Trade Commission (FTC), the Securities and Exchange 

Commission (SEC), the Commodity Futures Trading Commission (CFTC), 

the Federal Deposit Insurance Corporation, the Office of the Comptroller 

of the Currency, and other Federal regulatory agencies. 

Sec. 4. Policy and Actions Related to United States Central Bank Digital 

Currencies. (a) The policy of my Administration on a United States CBDC 

is as follows: 

(i) Sovereign money is at the core of a well-functioning financial system, 

macroeconomic stabilization policies, and economic growth. My Administration places the highest urgency on research and development efforts 

into the potential design and deployment options of a United States CBDC. 

These efforts should include assessments of possible benefits and risks 

for consumers, investors, and businesses; financial stability and systemic 

risk; payment systems; national security; the ability to exercise human 

rights; financial inclusion and equity; and the actions required to launch 

a United States CBDC if doing so is deemed to be in the national interest. 

(ii) My Administration sees merit in showcasing United States leadership 

and participation in international fora related to CBDCs and in multicountry conversations and pilot projects involving CBDCs. Any future 

dollar payment system should be designed in a way that is consistent 

with United States priorities (as outlined in section 4(a)(i) of this order) 

and democratic values, including privacy protections, and that ensures 

the global financial system has appropriate transparency, connectivity, 

and platform and architecture interoperability or transferability, as appropriate. 

(iii) A United States CBDC may have the potential to support efficient 

and low-cost transactions, particularly for cross-border funds transfers and 

payments, and to foster greater access to the financial system, with fewer 

of the risks posed by private sector-administered digital assets. A United 

States CBDC that is interoperable with CBDCs issued by other monetary 


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authorities could facilitate faster and lower-cost cross-border payments 

and potentially boost economic growth, support the continued centrality 

of the United States within the international financial system, and help 

to protect the unique role that the dollar plays in global finance. There 

are also, however, potential risks and downsides to consider. We should 

prioritize timely assessments of potential benefits and risks under various 

designs to ensure that the United States remains a leader in the international financial system. 

(b) Within 180 days of the date of this order, the Secretary of the Treasury, 

in consultation with the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of 

the Office of Management and Budget, the Director of National Intelligence, 

and the heads of other relevant agencies, shall submit to the President 

a report on the future of money and payment systems, including the conditions that drive broad adoption of digital assets; the extent to which technological innovation may influence these outcomes; and the implications for 

the United States financial system, the modernization of and changes to 

payment systems, economic growth, financial inclusion, and national security. This report shall be coordinated through the interagency process described in section 3 of this order. Based on the potential United States 

CBDC design options, this report shall include an analysis of: 

(i) the potential implications of a United States CBDC, based on the 

possible design choices, for national interests, including implications for 

economic growth and stability; 

(ii) the potential implications a United States CBDC might have on financial 

inclusion; 

(iii) the potential relationship between a CBDC and private sector-administered digital assets; 

(iv) the future of sovereign and privately produced money globally and 

implications for our financial system and democracy; 

(v) the extent to which foreign CBDCs could displace existing currencies 

and alter the payment system in ways that could undermine United States 

financial centrality; 

(vi) the potential implications for national security and financial crime, 

including an analysis of illicit financing risks, sanctions risks, other law 

enforcement and national security interests, and implications for human 

rights; and 

(vii) an assessment of the effects that the growth of foreign CBDCs may 

have on United States interests generally. 

(c) The Chairman of the Board of Governors of the Federal Reserve System 

(Chairman of the Federal Reserve) is encouraged to continue to research 

and report on the extent to which CBDCs could improve the efficiency 

and reduce the costs of existing and future payments systems, to continue 

to assess the optimal form of a United States CBDC, and to develop a 

strategic plan for Federal Reserve and broader United States Government 

action, as appropriate, that evaluates the necessary steps and requirements 

for the potential implementation and launch of a United States CBDC. The 

Chairman of the Federal Reserve is also encouraged to evaluate the extent 

to which a United States CBDC, based on the potential design options, 

could enhance or impede the ability of monetary policy to function effectively 

as a critical macroeconomic stabilization tool. 

(d) The Attorney General, in consultation with the Secretary of the Treasury 

and the Chairman of the Federal Reserve, shall: 

(i) within 180 days of the date of this order, provide to the President 

through the APNSA and APEP an assessment of whether legislative changes 

would be necessary to issue a United States CBDC, should it be deemed 

appropriate and in the national interest; and 


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(ii) within 210 days of the date of this order, provide to the President 

through the APNSA and the APEP a corresponding legislative proposal, 

based on consideration of the report submitted by the Secretary of the 

Treasury under section 4(b) of this order and any materials developed 

by the Chairman of the Federal Reserve consistent with section 4(c) of 

this order. 

Sec. 5. Measures to Protect Consumers, Investors, and Businesses. (a) The 

increased use of digital assets and digital asset exchanges and trading platforms may increase the risks of crimes such as fraud and theft, other statutory 

and regulatory violations, privacy and data breaches, unfair and abusive 

acts or practices, and other cyber incidents faced by consumers, investors, 

and businesses. The rise in use of digital assets, and differences across 

communities, may also present disparate financial risk to less informed 

market participants or exacerbate inequities. It is critical to ensure that 

digital assets do not pose undue risks to consumers, investors, or businesses, 

and to put in place protections as a part of efforts to expand access to 

safe and affordable financial services. 

(b) Consistent with the goals stated in section 5(a) of this order: 

(i) Within 180 days of the date of this order, the Secretary of the Treasury, 

in consultation with the Secretary of Labor and the heads of other relevant 

agencies, including, as appropriate, the heads of independent regulatory 

agencies such as the FTC, the SEC, the CFTC, Federal banking agencies, 

and the CFPB, shall submit to the President a report, or section of the 

report required by section 4 of this order, on the implications of developments and adoption of digital assets and changes in financial market 

and payment system infrastructures for United States consumers, investors, 

businesses, and for equitable economic growth. One section of the report 

shall address the conditions that would drive mass adoption of different 

types of digital assets and the risks and opportunities such growth might 

present to United States consumers, investors, and businesses, including 

a focus on how technological innovation may impact these efforts and 

with an eye toward those most vulnerable to disparate impacts. The report 

shall also include policy recommendations, including potential regulatory 

and legislative actions, as appropriate, to protect United States consumers, 

investors, and businesses, and support expanding access to safe and affordable financial services. The report shall be coordinated through the interagency process described in section 3 of this order. 

(ii) Within 180 days of the date of this order, the Director of the Office 

of Science and Technology Policy and the Chief Technology Officer of 

the United States, in consultation with the Secretary of the Treasury, 

the Chairman of the Federal Reserve, and the heads of other relevant 

agencies, shall submit to the President a technical evaluation of the technological infrastructure, capacity, and expertise that would be necessary 

at relevant agencies to facilitate and support the introduction of a CBDC 

system should one be proposed. The evaluation should specifically address 

the technical risks of the various designs, including with respect to emerging and future technological developments, such as quantum computing. 

The evaluation should also include any reflections or recommendations 

on how the inclusion of digital assets in Federal processes may affect 

the work of the United States Government and the provision of Government 

services, including risks and benefits to cybersecurity, customer experience, 

and social-safety-net programs. The evaluation shall be coordinated through 

the interagency process described in section 3 of this order. 

(iii) Within 180 days of the date of this order, the Attorney General, 

in consultation with the Secretary of the Treasury and the Secretary of 

Homeland Security, shall submit to the President a report on the role 

of law enforcement agencies in detecting, investigating, and prosecuting 

criminal activity related to digital assets. The report shall include any 

recommendations on regulatory or legislative actions, as appropriate. 


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(iv) The Attorney General, the Chair of the FTC, and the Director of 

the CFPB are each encouraged to consider what, if any, effects the growth 

of digital assets could have on competition policy. 

(v) The Chair of the FTC and the Director of the CFPB are each encouraged 

to consider the extent to which privacy or consumer protection measures 

within their respective jurisdictions may be used to protect users of digital 

assets and whether additional measures may be needed. 

(vi) The Chair of the SEC, the Chairman of the CFTC, the Chairman 

of the Federal Reserve, the Chairperson of the Board of Directors of the 

Federal Deposit Insurance Corporation, and the Comptroller of the Currency 

are each encouraged to consider the extent to which investor and market 

protection measures within their respective jurisdictions may be used 

to address the risks of digital assets and whether additional measures 

may be needed. 

(vii) Within 180 days of the date of this order, the Director of the Office 

of Science and Technology Policy, in consultation with the Secretary 

of the Treasury, the Secretary of Energy, the Administrator of the Environmental Protection Agency, the Chair of the Council of Economic Advisers, 

the Assistant to the President and National Climate Advisor, and the 

heads of other relevant agencies, shall submit a report to the President 

on the connections between distributed ledger technology and short-, medium-, and long-term economic and energy transitions; the potential for 

these technologies to impede or advance efforts to tackle climate change 

at home and abroad; and the impacts these technologies have on the 

environment. This report shall be coordinated through the interagency 

process described in section 3 of this order. The report should also address 

the effect of cryptocurrencies’ consensus mechanisms on energy usage, 

including research into potential mitigating measures and alternative mechanisms of consensus and the design tradeoffs those may entail. The report 

should specifically address: 

(A) potential uses of blockchain that could support monitoring or mitigating technologies to climate impacts, such as exchanging of liabilities 

for greenhouse gas emissions, water, and other natural or environmental 

assets; and 

(B) implications for energy policy, including as it relates to grid management and reliability, energy efficiency incentives and standards, and 

sources of energy supply. 

(viii) Within 1 year of submission of the report described in section 

5(b)(vii) of this order, the Director of the Office of Science and Technology 

Policy, in consultation with the Secretary of the Treasury, the Secretary 

of Energy, the Administrator of the Environmental Protection Agency, 

the Chair of the Council of Economic Advisers, and the heads of other 

relevant agencies, shall update the report described in section 5(b)(vii) 

of this order, including to address any knowledge gaps identified in such 

report. 

Sec. 6. Actions to Promote Financial Stability, Mitigate Systemic Risk, and 

Strengthen Market Integrity. (a) Financial regulators—including the SEC, 

the CFTC, and the CFPB and Federal banking agencies—play critical roles 

in establishing and overseeing protections across the financial system that 

safeguard its integrity and promote its stability. Since 2017, the Secretary 

of the Treasury has convened the Financial Stability Oversight Council 

(FSOC) to assess the financial stability risks and regulatory gaps posed 

by the ongoing adoption of digital assets. The United States must assess 

and take steps to address risks that digital assets pose to financial stability 

and financial market integrity. 

(b) Within 210 days of the date of this order, the Secretary of the Treasury 

should convene the FSOC and produce a report outlining the specific financial stability risks and regulatory gaps posed by various types of digital 

assets and providing recommendations to address such risks. As the Secretary 


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of the Treasury and the FSOC deem appropriate, the report should consider 

the particular features of various types of digital assets and include recommendations that address the identified financial stability risks posed by 

these digital assets, including any proposals for additional or adjusted regulation and supervision as well as for new legislation. The report should 

take account of the prior analyses and assessments of the FSOC, agencies, 

and the President’s Working Group on Financial Markets, including the 

ongoing work of the Federal banking agencies, as appropriate. 

Sec. 7. Actions to Limit Illicit Finance and Associated National Security 

Risks. (a) Digital assets have facilitated sophisticated cybercrime-related financial networks and activity, including through ransomware activity. The growing use of digital assets in financial activity heightens risks of crimes such 

as money laundering, terrorist and proliferation financing, fraud and theft 

schemes, and corruption. These illicit activities highlight the need for ongoing 

scrutiny of the use of digital assets, the extent to which technological innovation may impact such activities, and exploration of opportunities to mitigate 

these risks through regulation, supervision, public-private engagement, oversight, and law enforcement. 

(b) Within 90 days of submission to the Congress of the National Strategy 

for Combating Terrorist and Other Illicit Financing, the Secretary of the 

Treasury, the Secretary of State, the Attorney General, the Secretary of 

Commerce, the Secretary of Homeland Security, the Director of the Office 

of Management and Budget, the Director of National Intelligence, and the 

heads of other relevant agencies may each submit to the President supplemental annexes, which may be classified or unclassified, to the Strategy 

offering additional views on illicit finance risks posed by digital assets, 

including cryptocurrencies, stablecoins, CBDCs, and trends in the use of 

digital assets by illicit actors. 

(c) Within 120 days of submission to the Congress of the National Strategy 

for Combating Terrorist and Other Illicit Financing, the Secretary of the 

Treasury, in consultation with the Secretary of State, the Attorney General, 

the Secretary of Commerce, the Secretary of Homeland Security, the Director 

of the Office of Management and Budget, the Director of National Intelligence, 

and the heads of other relevant agencies shall develop a coordinated action 

plan based on the Strategy’s conclusions for mitigating the digital-assetrelated illicit finance and national security risks addressed in the updated 

strategy. This action plan shall be coordinated through the interagency process described in section 3 of this order. The action plan shall address 

the role of law enforcement and measures to increase financial services 

providers’ compliance with AML/CFT obligations related to digital asset 

activities. 

(d) Within 120 days following completion of all of the following reports— 

the National Money Laundering Risk Assessment; the National Terrorist 

Financing Risk Assessment; the National Proliferation Financing Risk Assessment; and the updated National Strategy for Combating Terrorist and Other 

Illicit Financing—the Secretary of the Treasury shall notify the relevant 

agencies through the interagency process described in section 3 of this 

order on any pending, proposed, or prospective rulemakings to address 

digital asset illicit finance risks. The Secretary of the Treasury shall consult 

with and consider the perspectives of relevant agencies in evaluating opportunities to mitigate such risks through regulation. 

Sec. 8. Policy and Actions Related to Fostering International Cooperation 

and United States Competitiveness. (a) The policy of my Administration 

on fostering international cooperation and United States competitiveness 

with respect to digital assets and financial innovation is as follows: 

(i) Technology-driven financial innovation is frequently cross-border and 

therefore requires international cooperation among public authorities. This 

cooperation is critical to maintaining high regulatory standards and a 

level playing field. Uneven regulation, supervision, and compliance across 

jurisdictions creates opportunities for arbitrage and raises risks to financial 


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stability and the protection of consumers, investors, businesses, and markets. Inadequate AML/CFT regulation, supervision, and enforcement by 

other countries challenges the ability of the United States to investigate 

illicit digital asset transaction flows that frequently jump overseas, as 

is often the case in ransomware payments and other cybercrime-related 

money laundering. There must also be cooperation to reduce inefficiencies 

in international funds transfer and payment systems. 

(ii) The United States Government has been active in international fora 

and through bilateral partnerships on many of these issues and has a 

robust agenda to continue this work in the coming years. While the 

United States held the position of President of the FATF, the United 

States led the group in developing and adopting the first international 

standards on digital assets. The United States must continue to work 

with international partners on standards for the development and appropriate interoperability of digital payment architectures and CBDCs to reduce 

payment inefficiencies and ensure that any new funds transfer and payment 

systems are consistent with United States values and legal requirements. 

(iii) While the United States held the position of President of the 2020 

G7, the United States established the G7 Digital Payments Experts Group 

to discuss CBDCs, stablecoins, and other digital payment issues. The G7 

report outlining a set of policy principles for CBDCs is an important 

contribution to establishing guidelines for jurisdictions for the exploration 

and potential development of CBDCs. While a CBDC would be issued 

by a country’s central bank, the supporting infrastructure could involve 

both public and private participants. The G7 report highlighted that any 

CBDC should be grounded in the G7’s long-standing public commitments 

to transparency, the rule of law, and sound economic governance, as 

well as the promotion of competition and innovation. 

(iv) The United States continues to support the G20 roadmap for addressing 

challenges and frictions with cross-border funds transfers and payments 

for which work is underway, including work on improvements to existing 

systems for cross-border funds transfers and payments, the international 

dimensions of CBDC designs, and the potential of well-regulated stablecoin 

arrangements. The international Financial Stability Board (FSB), together 

with standard-setting bodies, is leading work on issues related to 

stablecoins, cross-border funds transfers and payments, and other international dimensions of digital assets and payments, while FATF continues 

its leadership in setting AML/CFT standards for digital assets. Such international work should continue to address the full spectrum of issues 

and challenges raised by digital assets, including financial stability, consumer, investor, and business risks, and money laundering, terrorist financing, proliferation financing, sanctions evasion, and other illicit activities. 

(v) My Administration will elevate the importance of these topics and 

expand engagement with our critical international partners, including 

through fora such as the G7, G20, FATF, and FSB. My Administration 

will support the ongoing international work and, where appropriate, push 

for additional work to drive development and implementation of holistic 

standards, cooperation and coordination, and information sharing. With 

respect to digital assets, my Administration will seek to ensure that our 

core democratic values are respected; consumers, investors, and businesses 

are protected; appropriate global financial system connectivity and platform 

and architecture interoperability are preserved; and the safety and soundness of the global financial system and international monetary system 

are maintained. 

(b) In furtherance of the policy stated in section 8(a) of this order: 

(i) Within 120 days of the date of this order, the Secretary of the Treasury, 

in consultation with the Secretary of State, the Secretary of Commerce, 

the Administrator of the United States Agency for International Development, and the heads of other relevant agencies, shall establish a framework 

for interagency international engagement with foreign counterparts and 


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in international fora to, as appropriate, adapt, update, and enhance adoption of global principles and standards for how digital assets are used 

and transacted, and to promote development of digital asset and CBDC 

technologies consistent with our values and legal requirements. This framework shall be coordinated through the interagency process described in 

section 3 of this order. This framework shall include specific and 

prioritized lines of effort and coordinated messaging; interagency engagement and activities with foreign partners, such as foreign assistance and 

capacity-building efforts and coordination of global compliance; and wholeof-government efforts to promote international principles, standards, and 

best practices. This framework should reflect ongoing leadership by the 

Secretary of the Treasury and financial regulators in relevant international 

financial standards bodies, and should elevate United States engagement 

on digital assets issues in technical standards bodies and other international 

fora to promote development of digital asset and CBDC technologies consistent with our values. 

(ii) Within 1 year of the date of the establishment of the framework 

required by section 8(b)(i) of this order, the Secretary of the Treasury, 

in consultation with the Secretary of State, the Secretary of Commerce, 

the Director of the Office of Management and Budget, the Administrator 

of the United States Agency for International Development, and the heads 

of other relevant agencies as appropriate, shall submit a report to the 

President on priority actions taken under the framework and its effectiveness. This report shall be coordinated through the interagency process 

described in section 3 of this order. 

(iii) Within 180 days of the date of this order, the Secretary of Commerce, 

in consultation with the Secretary of State, the Secretary of the Treasury, 

and the heads of other relevant agencies, shall establish a framework 

for enhancing United States economic competitiveness in, and leveraging 

of, digital asset technologies. This framework shall be coordinated through 

the interagency process described in section 3 of this order. 

(iv) Within 90 days of the date of this order, the Attorney General, in 

consultation with the Secretary of State, the Secretary of the Treasury, 

and the Secretary of Homeland Security, shall submit a report to the 

President on how to strengthen international law enforcement cooperation 

for detecting, investigating, and prosecuting criminal activity related to 

digital assets. 

Sec. 9. Definitions. For the purposes of this order: 

(a) The term ‘‘blockchain’’ refers to distributed ledger technologies where 

data is shared across a network that creates a digital ledger of verified 

transactions or information among network participants and the data are 

typically linked using cryptography to maintain the integrity of the ledger 

and execute other functions, including transfer of ownership or value. 

(b) The term ‘‘central bank digital currency’’ or ‘‘CBDC’’ refers to a form 

of digital money or monetary value, denominated in the national unit of 

account, that is a direct liability of the central bank. 

(c) The term ‘‘cryptocurrencies’’ refers to a digital asset, which may be 

a medium of exchange, for which generation or ownership records are supported through a distributed ledger technology that relies on cryptography, 

such as a blockchain. 

(d) The term ‘‘digital assets’’ refers to all CBDCs, regardless of the technology used, and to other representations of value, financial assets and 

instruments, or claims that are used to make payments or investments, 

or to transmit or exchange funds or the equivalent thereof, that are issued 

or represented in digital form through the use of distributed ledger technology. For example, digital assets include cryptocurrencies, stablecoins, 

and CBDCs. Regardless of the label used, a digital asset may be, among 

other things, a security, a commodity, a derivative, or other financial product. 


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Digital assets may be exchanged across digital asset trading platforms, including centralized and decentralized finance platforms, or through peer-to-peer 

technologies. 

(e) The term ‘‘stablecoins’’ refers to a category of cryptocurrencies with 

mechanisms that are aimed at maintaining a stable value, such as by pegging 

the value of the coin to a specific currency, asset, or pool of assets or 

by algorithmically controlling supply in response to changes in demand 

in order to stabilize value. 

Sec. 10. General Provisions. (a) Nothing in this order shall be construed 

to impair or otherwise affect: 

(i) the authority granted by law to an executive department or agency, 

or the head thereof; or 

(ii) the functions of the Director of the Office of Management and Budget 

relating to budgetary, administrative, or legislative proposals. 

(b) This order shall be implemented consistent with applicable law and 

subject to the availability of appropriations. 

(c) This order is not intended to, and does not, create any right or benefit, 

substantive or procedural, enforceable at law or in equity by any party 

against the United States, its departments, agencies, or entities, its officers, 

employees, or agents, or any other person. 

THE WHITE HOUSE, 

March 9, 2022. 

[FR Doc. 2022–05471 

Filed 3–11–22; 8:45 am] 

Billing code 3395–F2–P 


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