![]() What’s outlined in the framework is intended to ensure that, with respect to the development of digital assets, America’s core democratic values are respected consumers, investors, and businesses are protected appropriate global financial system connectivity and platform and architecture interoperability are preserved and the safety and soundness of the global financial system and international monetary system are maintained. ![]() ![]() The Executive Order also directs the Administration to promote development of digital asset and central bank digital currencies (CBDC) technologies consistent with our values and legal requirements. The Executive Order outlined an interagency approach to address the risks and harness the potential benefits of digital assets and their underlying technology, including through international engagement to adapt, update, and enhance adoption of global principles and standards for how digital assets are used and transacted. Agency for International Development (USAID), and the heads of other relevant agencies, delivered to President Biden a framework for interagency engagement with foreign counterparts and in international fora as directed in the President’s Executive Order on Ensuring Responsible Development of Digital Assets (March 9, 2022). Working together, we will work to ensure that American businesses remain globally competitive in this space through the responsible development of digital asset technologies.Today, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. “As in all industries, America’s innovation is its strength. economic competitiveness by leveraging digital asset technologies and remain eager to hear what we can do to promote the secure and inclusive development of this growing part of our financial services system. “I particularly welcome President Biden’s direction to engage with industry, civil society, and other interagency partners in developing a framework to promote U.S. financial system by working with our industry partners to mitigate risks for the businesses and individuals who rely on it. We can and will ensure that our digital assets industry is a global leader while promoting the resilience of the U.S. As threats to the security and integrity of our financial system scale, the Department remains committed to addressing them and supporting our partners across sectors in their anti-money laundering efforts, countering terrorist and other illicit financing, and combatting other abusive activities. ![]() “As is the case for the digital assets market, innovation and growth tend to be accompanied by emerging challenges. Digital assets and associated technologies could hold significant potential for individual economic empowerment, financial inclusion, and reinforcement of America’s position as a world leader in innovative financial services. Digital assets have profound implications for the American economy at all levels: for national and state regulators, established businesses and startups, and, above all, individuals. “Over the last two decades, the market of digital assets and related technologies has evolved into a multi-trillion-dollar global industry. This Executive Order will ensure that our policy on digital assets safeguards our financial system and promotes American leadership. “President Biden has identified a bold and prudent path forward for a whole-of-government approach to encourage responsible innovation in digital assets, including cryptocurrencies, stablecoins, and central bank digital currencies. Today, following President Biden’s signing of an Executive Order on “Ensuring the Responsible Development of Digital Assets” that establishes a Federal government-wide approach to the development of the digital assets industry, Secretary of Commerce Gina M.
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