Thu Jan 23 20:30:00 UTC 2025: **President Issues Executive Order Promoting Digital Assets, Banning CBDCs**

Washington, D.C. – In a sweeping executive order, President [President’s Name] today declared a new policy promoting the responsible growth of digital assets and blockchain technology while simultaneously banning the development and use of Central Bank Digital Currencies (CBDCs) within the United States. The order, which revokes previous executive orders and Treasury frameworks on digital assets, aims to establish U.S. leadership in the burgeoning digital asset sector.

The order outlines several key policy initiatives, including protecting individual access to and use of open public blockchain networks, promoting the U.S. dollar’s global dominance through stablecoins, ensuring fair access to banking services, and providing regulatory clarity for the industry. Crucially, it prohibits any agency from undertaking actions to establish, issue, or promote CBDCs domestically or internationally.

To achieve these goals, the President is establishing the President’s Working Group on Digital Asset Markets. This group, chaired by the Special Advisor for AI and Crypto, will include representatives from key government agencies, including the Treasury, Commerce, Homeland Security, and the Securities and Exchange Commission. The Working Group is tasked with developing a comprehensive federal regulatory framework for digital assets within 180 days, including considerations for market structure, consumer protection, and risk management. It will also explore the feasibility of creating a national digital asset stockpile.

The order explicitly defines digital assets, blockchain technology, and CBDCs, clarifying terminology for regulatory purposes. Existing regulations and guidelines affecting the digital asset sector will be reviewed, with recommendations for rescission or modification submitted to the President.

This executive order represents a significant shift in the U.S. government’s approach to digital assets, emphasizing support for innovation while expressing concerns about the potential risks associated with CBDCs. The establishment of the Working Group and the ambitious timeline for regulatory proposals suggest a proactive strategy to shape the future of digital finance in the United States.

Read More