Here’s the Full Text of Biden’s Executive Order on Cryptocurrency



(b) Consistent with the goals stated in section 5(a) of this order: (i) Within 180 days of the date of this order, the Secretary of the Treasury, in consultation with the Secretary of Labor and the heads of other relevant agencies, including, as appropriate, the heads of independent regulatory agencies such as the FTC, the SEC, the CFTC, federal banking agencies and the CFPB shall submit to the president a report, or section of the report required by section 4 of this order, on the implications of developments and adoption of digital assets and changes in financial market and payment system infrastructures for United States consumers, investors, businesses and for equitable economic growth. One section of the report shall address the conditions that would drive mass adoption of different types of digital assets and the risks and opportunities such growth might present to United States consumers, investors and businesses, including a focus on how technological innovation may impact these efforts and with an eye toward those most vulnerable to disparate impacts. The report shall also include policy recommendations, including potential regulatory and legislative actions, as appropriate, to protect United States consumers, investors and businesses, and support expanding access to safe and affordable financial services. The report shall be coordinated through the interagency process described in section 3 of this order. (ii) Within 180 days of the date of this order, the director of the Office of Science and Technology Policy and the chief technology officer of the United States, in consultation with the Secretary of the Treasury, the chairman of the Federal Reserve, and the heads of other relevant agencies, shall submit to the president a technical evaluation of the technological infrastructure, capacity and expertise that would be necessary at relevant agencies to facilitate and support the introduction of a CBDC system should one be proposed. The evaluation should specifically address the technical risks of the various designs, including with respect to emerging and future technological developments, such as quantum computing. The evaluation should also include any reflections or recommendations on how the inclusion of digital assets in federal processes may affect the work of the United States government and the provision of government services, including risks and benefits to cybersecurity, customer experience and social‑safety‑net programs. The evaluation shall be coordinated through the interagency process described in section 3 of this order. (iii) Within 180 days of the date of this order, the attorney general, in consultation with the Secretary of the Treasury and the Secretary of Homeland Security, shall submit to the president a report on the role of law enforcement agencies in detecting, investigating and prosecuting criminal activity related to digital assets. The report shall include any recommendations on regulatory or legislative actions, as appropriate. (iv) The attorney general, the chair of the FTC, and the director of the CFPB are each encouraged to consider what, if any, effects the growth of digital assets could have on competition policy. (v) The chair of the FTC and the director of the CFPB are each encouraged to consider the extent to which privacy or consumer protection measures within their respective jurisdictions may be used to protect users of digital assets and whether additional measures may be needed. (vi) The chair of the SEC, the chairman of the CFTC, the chairman of the Federal Reserve, the chairperson of the Board of Directors of the Federal Deposit Insurance Corporation and the Comptroller of the Currency are each encouraged to consider the extent to which investor and market protection measures within their respective jurisdictions may be used to address the risks of digital assets and whether additional measures may be needed. (vii) Within 180 days of the date of this order, the director of the Office of Science and Technology Policy, in consultation with the Secretary of the Treasury, the Secretary of Energy, the administrator of the Environmental Protection Agency, the chair of the Council of Economic Advisers, the assistant to the president and National Climate Advisor and the heads of other relevant agencies, shall submit a report to the president on the connections between distributed ledger technology and short-, medium- and long-term economic and energy transitions; the potential for these technologies to impede or advance efforts to tackle climate change at home and abroad; and the impacts these technologies have on the environment. This report shall be coordinated through the interagency process described in section 3 of this order. The report should also address the effect of cryptocurrencies’ consensus mechanisms on energy usage, including research into potential mitigating measures and alternative mechanisms of consensus and the design tradeoffs those may entail. The report should specifically address: (A) potential uses of blockchain that could support monitoring or mitigating technologies to climate impacts, such as exchanging of liabilities for greenhouse gas emissions, water and other natural or environmental assets; and (B) implications for energy policy, including as it relates to grid management and reliability, energy efficiency incentives and standards, and sources of energy supply. (viii) Within one year of submission of the report described in section 5(b)(vii) of this order, the director of the Office of Science and Technology Policy, in consultation with the Secretary of the Treasury, the Secretary of Energy, the administrator of the Environmental Protection Agency, the chair of the Council of Economic Advisers and the heads of other relevant agencies, shall update the report described in section 5(b)(vii) of this order, including to address any knowledge gaps identified in such report.

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