Enhancing US Leadership in Digital Finance Technology
On January 23, 2025, the President signed an Executive Order aimed at fostering American leadership in digital financial technology while safeguarding economic freedoms. The order emphasizes the importance of the digital asset industry in driving innovation and economic advancement within the United States and globally.
Recognizing the significance of digital assets, blockchain technology, and related innovations in various economic sectors, the Administration has outlined key policies to support their responsible growth and use. These policies include protecting the rights of individuals and private entities to access and utilize open public blockchain networks for lawful activities without interference, ensuring fair access to banking services, fostering regulatory clarity and technology-neutral frameworks, and safeguarding against the risks posed by Central Bank Digital Currencies (CBDCs).
The Executive Order defines critical terms such as “digital asset” (e.g., cryptocurrencies, digital tokens, stablecoins), “blockchain” (technology for creating a verified transaction ledger), and “Central Bank Digital Currency” (digital currency issued by a central bank).
Furthermore, the order revokes the previous Executive Order 14067 and the Department of the Treasury’s “Framework for International Engagement on Digital Assets.” The Secretary of the Treasury is instructed to revoke related policies, directives, and guidance that are inconsistent with the new Executive Order to ensure compliance.
To oversee the implementation of the Executive Order, the President’s Working Group on Digital Asset Markets is established within the National Economic Council. Chaired by the Special Advisor for AI and Crypto, this working group comprises key officials from various government agencies involved in digital asset regulation and oversight. The group is tasked with reviewing existing regulations, guidance documents, and orders affecting the digital asset sector to propose necessary adjustments or updates within specified timelines.
Ultimately, the President’s Working Group on Digital Asset Markets is expected to submit a comprehensive report to the President within 180 days to outline regulatory recommendations and measures to bolster the growth and security of the digital asset industry. Through these initiatives, the Administration seeks to strengthen American leadership in digital financial technology while upholding economic liberty and fostering innovation in the digital economy.
