17/03/2022
Executive Order on Ensuring Responsible Development of Digital Assets
On March 09, 2022, the President Biden signed an Executive Order, to address the risks and harness the benefits of digital assets and their underlying technology.
The fast growth of digital assets, such as cryptocurrencies and stablecoins, has made necessary an evolution and alignment of the United States Government approach to digital assets.
The principal policy objectives of the United States, declared in the Executive Order and with respect to digital assets, are as follow:
- To grant protection to customers, investors, and businesses with an appropriate oversight on firms providing digital asset services and guarantee the investors a complete and transparent information of risks associated with investment.
- To ensure financial system integrity, forcing digital asset issuers to the same regulatory and supervisory standards that govern traditional financial firms.
- Through appropriate controls and accountability, the US can fight crime linked to the use of untraceable assets, like money laundering.
- With the responsible development of payment innovations and digital assets, the United States can reinforce their leadership in global financial system.
- New technologies can grant many Americans access to safe and affordable financial services, primarily cross-border funds transfers.
- To study possible applications of blockchain technology in the fight against climate change.
In the following months, the Administration will work across agencies to analyze all the possible policies that can guide responsible innovation.
BMV is pleased to share, in attachment, a brief note on the Executive Order, for more information you can contact Andrea Noris at: a.noris@bmv-ltf.com
