Biden Signs Bitcoin Executive Order, Taps ‘Urgent’ CBDC Development

  • Central bank digital currency (CBDC) research and development is a matter of “urgency” to the U.S., according to President Joe Biden’s Wednesday executive order.
  • Regulatory agencies will work in a “whole-of-government” approach to combat illicit use of Bitcoin and other cryptocurrencies and further climate change protections and innovation while protecting investors through policy.
  • A “Future of money and payments systems” report will be researched by all relevant agencies and published by the Secretary of Treasury.

executive order (E.O.) on Wednesday that actively calls for policy on Bitcoin and other cryptocurrencies as well as “urgent” action towards developing a CBDC. The order outlines a “whole-of-government” approach, where a significant amount of regulatory agencies are called to collaborate in the research and development of digital assets and related regulation.

“My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC,” the order states. “Any future dollar payment system should be designed in a way that is consistent with United States priorities.”

statement on the order saying, “…while I agree with the President’s desire to combat money laundering and defend America’s national security, I think his executive order misses the fact that the overwhelming majority of digital asset users are law-abiding and trying to make our financial system better.”