fbpx
PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • 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

    Embedded Finance: Digital  Innovation in the Cloud

    Embedded Finance: Digital Innovation in the Cloud

    August 16, 2022
    How Payments Integration Can Revolutionize Accounts Receivable

    How Payments Integration Can Revolutionize Accounts Receivable

    August 15, 2022
    Fed Survey Finds Access to Faster Payments Important to Most Businesses

    How to Ensure Accurate, Efficient Payments Amidst Economic Uncertainty

    August 12, 2022
    eCommerce Payments Fraud money mules

    Money Mules, You Are Already Have Them – Now What?

    August 11, 2022
    Why Banks and Credit Unions Need to Adopt Real-Time Payments Now

    Why Banks and Credit Unions Need to Adopt Real-Time Payments Now

    August 10, 2022
    Making Sense of Online Identity

    Making Sense of Online Identity

    August 9, 2022
    Account Takeover Fraud Is Getting More Sophisticated. How Can We Beat It?

    How to Protect Consumers from Account Takeover Fraud

    August 8, 2022
    Technical Challenge or Business Enabler? Seizing the Opportunity of PCI DSS Compliance

    PCI DSS v4.0 Compliance: Raising Your Script Security Awareness

    August 5, 2022

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • COVID-19
    • News
    • Resources

    © 2022 PaymentsJournal.com

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

      Download the complimentary eBook - The power of today’s market‑ready AI to reduce transaction fraud