Biden issues “sea change” US digital assets executive order

Karen Solomon spoke with Global Banking Regulation Review following the White House’s first “whole-of-government” strategy for digital assets via an executive order, “addressing the risks and harnessing the potential benefits” of digital assets and their underlying technology.

She commented, “The executive order does signal a receptivity to establishing a United States CBDC [Central Bank Digital Currency] and, in requiring the Department of Justice to prepare legislation if necessary to accomplish that result, the order also recognizes the importance of building consensus for a CBDC in Congress.”

Karen added that the executive order does not “address the live issues that are confronting agencies today,” including the key question of which agencies have a responsibility for regulating digital assets.

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