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EO 14067Executive OrderBiden · D Quiet signal

Executive Order 14067

Ensuring Responsible Development of Digital Assets

This executive order establishes the first comprehensive federal framework for U.S. digital asset policy, directing agencies to study and report on central bank digital currencies (CBDCs), consumer protections, financial stability risks, illicit finance, energy impacts, and international competitiveness. It mandates numerous interagency reports with deadlines ranging from 90 days to over a year, but does not itself create new regulations or a CBDC.

Federal Register Open PDF 87 FR 14143

Impact dates

  1. OSTP update to climate/energy report

  2. Treasury report on effectiveness of international engagement framework

  3. Attorney General legislative proposal for CBDC

  4. FSOC report on financial stability risks and regulatory gaps

  5. Treasury report on future of money and payment systems

  6. Attorney General assessment of legislative changes needed for CBDC

  7. Treasury/OSTP report on consumer/investor implications of digital assets

  8. OSTP technical evaluation of CBDC technological infrastructure

  9. OSTP report on distributed ledger technology and climate/energy

  10. Commerce framework for enhancing U.S. economic competitiveness in digital assets

  11. Coordinated action plan for mitigating digital-asset-related illicit finance risks

  12. Treasury notification to agencies on rulemakings to address illicit finance risks

  13. Treasury framework for international engagement on digital assets

  14. Attorney General report on strengthening international law enforcement cooperation for digital asset crimes

  15. Supplemental annexes to National Strategy for Combating Terrorist and Other Illicit Financing

Key directives

  • APNSA and APEP to coordinate interagency implementation
  • Treasury to submit report on future of money and payment systems within 180 days
  • Federal Reserve Chairman encouraged to continue CBDC research and develop strategic plan
  • Attorney General to assess legislative changes needed for CBDC within 180 days, and provide legislative proposal within 210 days
  • Treasury to convene FSOC and produce financial stability risks report within 210 days
  • OSTP to submit technical evaluation of CBDC infrastructure within 180 days
  • OSTP to submit climate/energy impacts report within 180 days, with update 1 year later
  • Treasury to establish international engagement framework within 120 days
  • Commerce to establish competitiveness framework within 180 days
  • Attorney General to submit international law enforcement cooperation report within 90 days

Who is ordered

Timeline

Immediate

  • Interagency coordination process established via APNSA and APEP

Near term (90d)

  • Treasury framework for international engagement on digital assets (120 days)
  • Attorney General report on international law enforcement cooperation (90 days)
  • Supplemental annexes to National Strategy for Combating Terrorist and Other Illicit Financing (90 days after Strategy submission to Congress)

Long term

  • Treasury report on future of money and payment systems (180 days)
  • OSTP technical evaluation of CBDC infrastructure (180 days)
  • OSTP climate/energy report on distributed ledger technology (180 days, with update 1 year later)
  • FSOC report on financial stability risks (210 days)
  • Attorney General legislative proposal for CBDC if needed (210 days)
  • Commerce Department framework for U.S. economic competitiveness in digital assets (180 days)
  • Treasury report on effectiveness of international engagement framework (1 year after framework establishment)

Risks & tensions

  • Numerous deadlines are contingent on external events (e.g., 'following completion' of other reports, 'submission to Congress' of National Strategy), making some dates uncertain
  • EO relies heavily on 'encouraged' language for independent regulators (Federal Reserve, SEC, CFTC, etc.) rather than binding directives, potentially limiting execution
  • CBDC development could conflict with congressional authority over monetary policy; Attorney General assessment explicitly flags potential need for legislation
  • Energy/climate provisions acknowledge tension between blockchain innovation and environmental impact, particularly proof-of-work mining
  • International competitiveness goals may conflict with stringent domestic AML/CFT regulation driving activity offshore
  • Definition of 'digital assets' is broad and inclusive, potentially creating regulatory overlap among SEC, CFTC, banking agencies
Executive Order 14067: Ensuring Responsible Development of Digital Assets · Executive Orders