White House releases text of Biden’s crypto-focused executive order

The White House has released the full text of its executive order on digital assets, laying out its policy objectives for managing the space. 

The publication follows a fact sheet also published this morning, which The Block obtained four hours ahead of time. It described the order as “outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”

The order addresses hot-button issues, including a strategy to protect consumers, stability of the financial system, national security and climate risks. Alongside these elements, the White House laid out its plan for assessing the implementation of a central bank digital currencies (CBDC) and rooting out illegal activity. 

Per earlier reporting, the EO is fairly benign, despite early fears of a pending crypto crackdown.

It does, however, emphasize an all-of-government approach, calling on new work from the Treasury, Financial Stability Oversight Council, Federal Reserve and national security agencies on relevant portions of the ecosystem.

Over the course of the next four months, government agencies will feedback on what the government sees as the key issues surrounding the space.