PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

White House Issues Executive Order on Crypto and CBDCs

Steve Murphy by Steve Murphy
March 10, 2022
in Analysts Coverage, Cryptocurrency, Digital Currency
0
White House Issues Executive Order on Crypto and CBDCs

White House Issues Executive Order on Crypto and CBDCs

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

This brief posting in Finextra points out the 15-page executive order issued by the White House yesterday around the topic of CBDCs and crypto assets in general. The EO covers a lot of ground that has already been trodden over by the Fed in testing efforts (continuing) and other statements and publications. This is the type of stuff that we would expect normally takes place in cabinet meetings, so it seems to be just a clarification and formalization of creating policy positions and notifying congress that it should be on the radar.

‘The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; US leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.

In a statement, NEC director Brian Deese and National Security Advisor Jake Sullivan, says: “We are clear-eyed that ‘financial innovation’ of the past has too often not benefited working families, while exacerbating inequality and increasing systemic financial risk. This history underscores the need to build robust consumer and economic protections into digital asset development.”’

In reading over the EO a couple of things can be surmised. The up-front timeframe of 180 days and scope for a report and framework from the Secretary of the Treasury is pretty much already covered within the Fed Board of Governors discussion paper released back in January. There are a couple of other things on the ‘to do’ list, including reports from the Secretary of Commerce (180 days) and the Attorney General (90 days) around competitiveness and international law enforcement. All these reports are to be coordinated with other cabinet members, so this is just meant to show that everyone is basically on the same page.

Another report is then due within one year of the submitted framework which will describe priority actions taken under the framework and its effectiveness. Not quite sure what that means, but could be legislative actions or recommendations. The EO also ‘encourages’ the Fed Chairman to continue what they are already doing, so perhaps just putting the Fed on notice that someone is finally paying attention to this. Net net, we won’t be seeing an e-dollar for another while, which we already knew, but maybe this accelerates something.

‘The Order also places “urgency” on research and development of a potential United States CBDC. It directs the Government to assess the technological infrastructure and capacity needs for a potential US CBDC and encourages the Federal Reserve to continue its research, development, and assessment efforts, including development of a plan for broader US Government action in support of their work.’

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

Tags: CBDCCentral Bank Digital CurrencycryptoCryptocurrenciescryptocurrencyDigital Currencyfederal governmentFederal ReserveThe Federal ReserveUnited States
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023
    liquidity management

    Liquidity Management Takes on Increasing Importance in Uncertain Economic Times

    March 14, 2023
    payments

    Key Challenges from Growing Payment Methods and Volume

    March 13, 2023
    Data Governance is a Journey, financial data

    How FIs Can Power Their Operations with a Modern Data Architecture

    March 10, 2023
    ISO 20022

    How Banks Can Realize Business Benefits and Reduce Payments Fraud With ISO 20022

    March 9, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Autorek complimentary report: Payments Industry Outlook 2023: