Summary

Summary of Executive Order on Digital Financial Technology

Purpose

• To enhance U.S. leadership in digital assets and financial technology while ensuring economic liberty.
• Support the responsible development and use of digital assets and blockchain technology.

Key Policies

• Access and Use: Protect citizens' rights to access open public blockchain networks, develop software, mine, and transact freely.
• Sovereignty of the U.S. Dollar: Promote lawful dollar-backed stablecoins globally.
• Banking Access: Ensure fair access to banking services for all law-abiding individuals and entities.
• Regulatory Clarity: Provide technology-neutral regulations and clear jurisdictional boundaries for digital assets.
• Protection from CBDCs: Safeguard Americans from risks posed by Central Bank Digital Currencies (CBDCs), including their prohibition.

Actions Taken

• Revocation of Previous Orders: Executive Order 14067 and related Treasury frameworks have been rescinded to align with new policies.
• Establishment of Working Group: A Presidential Working Group on Digital Asset Markets formed to advise on regulations and oversight, including the Secretary of the Treasury and key agency heads.
• Agency Review: Agencies are tasked with identifying and assessing existing regulations affecting the digital asset sector.

Expected Outcomes

• Regulatory Framework: A new federal regulatory framework for digital assets is to be proposed, focusing on consumer protection, risk management, and market structure.
• Public Consultation: The Working Group will hold public hearings to gather insights from experts in the field.
• National Asset Stockpile: Recommendations regarding the potential creation of a national digital asset stockpile from lawfully seized cryptocurrencies.

General Provisions

• The order does not create enforceable rights against the U.S. government or its entities.
• It will be implemented consistent with applicable law and available resources.