U.S. Central Bank Digital Currencies
Research and development of a U.S. CBDC, including, but not limited to, an assessment of:
- benefits and risks to individuals and companies,
- systemic and stability risks, and
- actions required to launch a U.S. CBDC.
Under the order, any potential U.S. CBDC should have an appropriate level of global operability and transparency to foster economic growth and center the United States in the international financial system.
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A report to include, among other topics, the impact of a U.S. CBDC on:
- the U.S. economy
- private sector digital assets
- the future of payment systems
- national security
- U.S. interests generally
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Treasury (in consultation with State, Justice, Commerce, Homeland Security, OMB, Director of National Intelligence, and the heads of other relevant agencies)
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180 days of the order
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Research and report on:
- a U.S. CBDC’s effect on efficiency and costs of payment systems
- potential implementation of a U.S. CBDC
- a U.S. CBDC’s effect on monetary policy
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Federal Reserve
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Unspecified
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An assessment of whether legislative changes would need to be made to implement a U.S. CBDC, and a corresponding legislative proposal
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Justice (in consultation with Treasury and Federal Reserve)
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180 days of the order for the assessment; within 210 days for the legislative proposal
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Consumer, Investor, and Business Protection
Preventing risks of fraud, theft, and data breach crimes and mitigating disparate financial impacts stemming from the use of digital assets for consumers.
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A report to include:
- the impact on consumers of adopting digital assets
- conditions that would drive mass adoption of digital assets by consumers
- policy recommendations for consumer protection
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Treasury (in consultation with Labor and the heads of other relevant agencies, including the FTC, SEC, CFTC, Federal Reserve, and CFPB)
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180 days of the order
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Technical evaluation of the infrastructure, capacity, and expertise needed at government agencies to implement a CBDC, including cybersecurity risks
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Office of Science and Technology Policy and U.S. Chief Technology Officer (in consultation with Treasury, Federal Reserve, and the heads of other relevant agencies)
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180 days of the order
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Report on the role of law enforcement as it pertains to criminal activity using digital assets
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Justice (in consultation with Treasury and Homeland Security)
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180 days of the order
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Consider the effects of digital asset growth on competition (encouraged, not required)
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Justice (in consultation with FTC and CFPB)
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Unspecified
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Consider privacy and consumer protection measures around digital assets (each encouraged, not required)
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FTC and CFPB
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Unspecified
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Consider investor and market protection for mitigating digital asset risks (each encouraged, not required)
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SEC, CFTC, Federal Reserve, FDIC, and OCC
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Unspecified
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Report on:
- distributed ledger technology’s interaction with economic and energy transitions over time
- climate impact of distributed ledger technology, including how blockchain may be used to offset climate impacts and any implications for energy policy
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Office of Science and Technology Policy (in consultation with Treasury, Energy, EPA, Council of Economic Advisers, Assistant to President and National Climate Advisor, and the heads of other relevant agencies)
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180 days of the order and then updated within one year of submission
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Financial Stability, Market Integrity
Mitigating systemic risks and assessing financial stability and regulatory gaps caused by adopting digital assets.
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Report outlining, and recommending solutions for, risks and regulatory gaps posed by different types of digital assets
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FSOC
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210 days of the order
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Limit Illicit Finance and Associated Risks
Limit and provide potential oversight and law enforcement to combat money laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption involving digital assets.
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Submit annexes to the National Strategy for Combating Terrorist and Other Illicit Financing (the “Strategy”) on the illicit finance risks of digital assets (optional, not required)
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Treasury, State, Justice, Commerce, Homeland Security, OMB, Director of National Intelligence, and the heads of other relevant agencies
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90 days of submission of the Strategy to Congress
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Develop a coordinated action plan, based on the Strategy, for mitigating illicit finance and any national security risks linked to digital assets
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Treasury (in consultation with State, Justice, Commerce, Homeland Security, OMB, Director of National Intelligence, and the heads of other relevant agencies)
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120 days of submission of the Strategy to Congress
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Notify relevant agencies of any pending, proposed, or prospective rulemakings concerning illicit finance risks of digital assets
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Treasury
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120 days of the completion of the Strategy and the National Money Laundering Risk Assessment, the National Terrorist Financing Risk Assessment, and the National Proliferation Financing Risk Assessment
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International Cooperation and U.S. Competitiveness
The order aims to address international cooperation to allow interoperability while reducing the effects of inadequate AML/CFT regulation by other countries and allow U.S. investigation of digital asset crimes. It also directs the agencies to adhere to G7’s principles, including transparency.
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Framework for interagency international cooperation for adoption and continued enhancement of global standards for digital assets, including CBDCs
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Treasury (in consultation with State, Commerce, U.S. AID, and the heads of other relevant agencies)
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120 days of the order
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Report on actions taken under the framework, including their effectiveness
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Treasury (in consultation with State, Commerce, OMB, U.S. AID, and the heads of other relevant agencies)
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One year from the establishment of the international framework above
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Framework for enhancing U.S. competitiveness in digital assets
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Commerce (in consultation with Treasury and State)
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180 days of the order
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Report on ways to strengthen international law enforcement cooperation around digital assets
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Justice (in consultation with State, Treasury, and Homeland Security)
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90 days of the order
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