The United States officially released the full text of the digital asset executive order, elaborating on how to implement digital asset regulation

Source: The White House official website

Compiled by: Hu Tao, Chain Catcher

Note: Today, President Biden officially signed an executive order to ensure the responsible development of digital assets, marking the first time in U.S. history that the government has taken comprehensive measures to address the risks associated with digital assets and their underlying technologies.

Previously, Chain Catcher has organized the core content of this executive order, which can be referenced in this article. Below is the full text of the executive order released by the White House, which includes ten chapters covering policies, objectives, coordination, definitions, and more.

By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby order as follows:

Section 1: Policy

The advancement of digital and distributed ledger technologies for financial services has led to significant growth in the digital asset market, profoundly impacting the protection of consumers, investors, and businesses, including data privacy and security, financial stability and systemic risk, crime, national security, the ability to exercise human rights, financial inclusion and equity, as well as energy demand and climate change. In November 2021, the total market capitalization of non-government-issued digital assets reached $3 trillion, up from about $14 billion in early November 2016. Global monetary authorities are also exploring central bank digital currencies (CBDCs) and, in some cases, introducing such currencies.

While many activities involving digital assets fall within existing domestic laws and regulations, the U.S. has maintained a global leadership position in this area, with the development and adoption of digital assets and related innovations increasing, and the controls to mitigate certain key risks being inconsistent, necessitating improvements and adjustments to the U.S. government's approach to digital assets. The U.S. is interested in responsible financial innovation, expanding safe and affordable financial services, and reducing the costs of domestic and cross-border money transfers and payments, including through the ongoing modernization of public payment systems. We must take strong measures to mitigate the risks that digital assets may pose to consumer, investor, and business protection; financial stability and the integrity of the financial system; combating and preventing crime and illicit finance; national security; the ability to exercise human rights; financial inclusion and equity; and climate change and pollution.

Section 2: Objectives

The primary policy objectives of the United States regarding digital assets are as follows:

(a) We must protect American consumers, investors, and businesses. Without appropriate protections, the uniqueness and diversity of digital assets may pose significant financial risks to consumers, investors, and businesses. Companies providing digital asset services may offer inadequate protection regarding sensitive financial data, custody and other arrangements related to customer assets and funds, or risk disclosures related to investments in the absence of sufficient oversight and standards. Cybersecurity and market failures at major digital asset exchanges and trading platforms have resulted in billions of dollars in losses. The U.S. should ensure that security measures are in place and promote responsible digital asset development to protect consumers, investors, and businesses; safeguard privacy; and prevent arbitrary or unlawful surveillance that may lead to human rights violations.

(b) We must protect U.S. and global financial stability and reduce systemic risk. The scale and complexity of some digital asset trading platforms and service providers have rapidly increased, potentially operating outside or not complying with appropriate regulations or oversight. Digital asset issuers, exchanges, and trading platforms, as well as intermediaries whose activities may increase financial stability risks, should comply with regulatory standards governing traditional market infrastructures and financial companies, adhering to the general principle of "same business, same risks, same rules." The new and unique uses and functions that digital assets can facilitate may pose additional economic and financial risks, necessitating the evolution of a regulatory approach that can adequately address these risks.

(c) We must mitigate the illicit finance and national security risks posed by the abuse of digital assets. Digital assets may present significant illicit finance risks, including money laundering, cybercrime and ransomware, drug and human trafficking, as well as terrorism and proliferation financing. Digital assets can also be used to evade U.S. and foreign financial sanctions regimes and other tools and authorities. Furthermore, while the U.S. has been a leader in establishing international standards for the regulation and oversight of digital assets for anti-money laundering and counter-terrorism financing (AML/CFT), the weak or nonexistent implementation of these standards in some foreign jurisdictions may pose significant illicit financing risks to the U.S. and global financial systems. Illicit actors, including perpetrators of ransomware incidents and other cybercrimes, often use digital asset service providers to launder and cash out their illicit proceeds in jurisdictions where the international standards set by the Financial Action Task Force (FATF) have not been effectively implemented. The continued availability of service providers in jurisdictions where international AML/CFT standards are not effectively implemented allows financial activities to operate without the influence of illicit finance. The growth of decentralized financial ecosystems, peer-to-peer payment activities, and blockchain distributed ledgers without controls to mitigate illicit finance may also pose additional market and national security risks in the future. The U.S. must ensure that appropriate controls and accountability are in place for current and future digital asset systems to promote high standards of transparency, privacy, and security—including through regulatory, governance, and technological measures—to combat illicit activities and maintain or enhance our national security tools. When digital assets are abused or used unlawfully, or when national security is compromised, it is in the national interest to take action to mitigate these illicit finance and national security risks through regulation, oversight, enforcement actions, or the use of other U.S. government agencies.

(d) We must strengthen U.S. leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets. The U.S. is interested in ensuring that it remains at the forefront of responsible digital asset development and design, as well as supporting the technologies that facilitate new forms of payments and capital flows in the international financial system, particularly in establishing standards that promote: democratic values; the rule of law; privacy; the protection of consumers, investors, and businesses; and interoperability with digital platforms, traditional infrastructures, and international payment systems. The U.S. derives significant economic and national security benefits from the central role that the dollar and U.S. financial institutions and markets play in the global financial system. The continued leadership of the U.S. in the global financial system will sustain U.S. financial strength and promote U.S. economic interests.

(e) We must promote access to safe and affordable financial services. Many Americans are underbanked, and the costs of cross-border remittances and payments are high. The U.S. has a strong interest in promoting responsible innovation to expand equitable access to financial services, particularly for those Americans who are underserved by the traditional banking system, including by making investments and domestic and cross-border money transfers and payments cheaper, faster, and safer, and by promoting access to more and more cost-effective financial products and services. The U.S. is also interested in ensuring that all Americans can fairly benefit from financial innovation and mitigate any disparate impacts of financial innovation.

(f) We must support the technological advancements that promote the responsible development and use of digital assets. The technological architectures of different digital assets have significant implications for privacy, national security, the operational safety and resilience of the financial system, climate change, the ability to exercise human rights, and other national objectives. The U.S. is interested in ensuring that digital asset technologies and digital payment ecosystems are developed, designed, and implemented in a responsible manner, including incorporating privacy and security into their architectures, integrating functions and controls to prevent illicit use, and mitigating the negative climate impacts and environmental pollution that some cryptocurrency mining may cause.

Section 3: Coordination

The Assistant to the President for National Security Affairs (APNSA) and the Assistant to the President for Economic Policy (APEP) shall coordinate the necessary executive actions to implement this order through the interagency process described in National Security Memorandum 2 of February 4, 2021 (Updating the National Security Council System). The interagency process shall, as appropriate, include the Secretary of State, the Secretary of the Treasury, the Secretary of Defense, the Attorney General, the Secretary of Commerce, the Secretary of Labor, the Secretary of Energy, the Secretary of Homeland Security, the Administrator of the Environmental Protection Agency, the Director of the Office of Management and Budget, the Director of National Intelligence, the Director of the Domestic Policy Council, the Chair of the Council of Economic Advisers, the Director of the Office of Science and Technology Policy, the Director of the Office of Information and Regulatory Affairs, the Director of the National Science Foundation, and the Administrator of the U.S. Agency for International Development. Representatives from other executive departments and agencies may be invited to participate in interagency meetings, including, as appropriate and with due respect for their regulatory independence, representatives from the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and other federal regulatory agencies.

Section 4: Policies and Actions Related to U.S. Central Bank Digital Currency

(a) My administration's policy regarding U.S. CBDC is as follows:

(i) Sovereign currency is at the core of a well-functioning financial system, macroeconomic stability policies, and economic growth. My administration places the highest urgency on research and development efforts regarding the potential design and deployment options for a U.S. CBDC. These efforts should include assessing the benefits and risks that consumers, investors, and businesses may realize; financial stability and systemic risk; payment systems; national security; the ability to exercise human rights; financial inclusion and equity; and actions needed to launch a U.S. CBDC, if deemed to be in the national interest.

(ii) This administration believes it is beneficial to demonstrate U.S. leadership and engagement in international forums related to CBDCs and in multilateral dialogues and pilot projects involving CBDCs. Any future design of a U.S. dollar payment system should align with U.S. priorities (as described in Section 4(a)(i) of this order) and democratic values, including privacy protections, and ensure appropriate transparency, connectivity, and interoperability or transferability of platforms and architectures in the global financial system, as appropriate.

(iii) A U.S. CBDC may have the potential to support efficient and low-cost transactions, particularly cross-border money transfers and payments, and facilitate greater access to the financial system, reducing risks posed by the private sector—managed digital assets. A U.S. CBDC that is interoperable with CBDCs issued by other monetary authorities could facilitate faster and cheaper cross-border payments and potentially promote economic growth, support the U.S.'s continued central role in the international financial system, and help preserve the unique role of the dollar in global finance. However, there are also potential risks and downsides that need to be considered.

(b) Within 180 days of the issuance of this order, the Secretary of the Treasury, in consultation with the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and heads of other relevant agencies, shall submit to the President a report on the future of currency and payment systems, including the conditions that drive widespread adoption of digital assets; the extent to which technological innovation affects these outcomes; and the implications for the modernization and transformation of the U.S. financial system, payment systems, economic growth, financial inclusion, and national security. The report shall be coordinated through the interagency process described in Section 3 of this order. Based on potential U.S. CBDC design options, the report shall include the following analyses:

(i) The potential impact of a U.S. CBDC on national interests based on possible design choices, including impacts on economic growth and stability;

(ii) The potential impact of a U.S. CBDC on financial inclusion;

(iii) The potential relationship between CBDCs and privately managed digital assets;

(iv) The future of sovereign and privately produced currencies globally and their implications for our financial system and democracy;

(v) The extent to which foreign CBDCs could displace existing currencies and alter payment systems in ways that could undermine U.S. financial centrality;

(vi) The potential implications for national security and financial crime, including an analysis of illicit financing risks, sanctions risks, other law enforcement and national security interests, and impacts on human rights;

(vii) An assessment of the potential impacts of the growth of foreign CBDCs on U.S. overall interests.

(c) The Chair of the Board of Governors of the Federal Reserve System (the Federal Reserve Chair) is encouraged to continue studying and reporting on the extent to which CBDCs could enhance the efficiency and reduce the costs of existing and future payment systems, continue assessing the optimal form of a U.S. CBDC, and as appropriate, develop strategic plans for Federal Reserve and broader U.S. government actions, assessing the necessary steps and requirements for the potential implementation and launch of a U.S. CBDC. The Federal Reserve Chair is also encouraged to evaluate the extent of a U.S. CBDC based on potential design options.

(d) The Attorney General, in consultation with the Secretary of the Treasury and the Federal Reserve Chair, shall:

(i) Within 180 days of the issuance of this order, provide an assessment to the President through the APNSA and APEP on whether legislative changes are needed to issue a U.S. CBDC, if deemed appropriate and in the national interest;

(ii) Within 210 days of the issuance of this order, provide corresponding legislative proposals to the President through the APNSA and APEP based on the review of the report submitted by the Secretary of the Treasury under Section 4(b) of this order and any materials developed by the Federal Reserve Chair under Section 4(c) of this order.

Section 5: Measures to Protect Consumers, Investors, and Businesses

(a) The increased use of digital assets and digital asset exchanges and trading platforms may increase the risks of fraud and theft, other violations of laws and regulations, privacy and data breaches, unfair and abusive practices or behaviors, and other cyber incidents that consumers, investors, and businesses face. The increase in the use of digital assets and the disparities among communities may also pose different financial risks to poorly informed market participants or exacerbate inequalities. It is critical to ensure that digital assets do not pose excessive risks to consumers, investors, or businesses and to take protective measures as part of efforts to expand access to safe and affordable financial services.

(b) In alignment with the objectives described in Section 5(a) of this order:

A portion of the report will discuss the conditions that drive the widespread adoption of different types of digital assets and the risks and opportunities this growth may present to American consumers, investors, and businesses, including a focus on how technological innovation affects these efforts and looking at those most vulnerable to different impacts. The report should also include policy recommendations, including appropriate potential regulatory and legislative actions to protect American 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 issuance of this order, the Director of the Office of Science and Technology Policy and the Chief Technology Officer, in consultation with the Secretary of the Treasury, the Federal Reserve Chair, and heads of other relevant agencies, shall submit to the President a technical assessment of the technical infrastructure, capabilities, and expertise required by relevant agencies to facilitate and support the introduction of a CBDC system. The assessment should specifically address the technical risks of various designs, including risks associated with emerging and future technological developments, such as quantum computing. The assessment should also include any thoughts or recommendations on how incorporating digital assets into federal processes may affect the work of the U.S. government and the delivery of government services, including risks and benefits related to cybersecurity, customer experience, and social safety net programs. The assessment shall be coordinated through the interagency process described in Section 3 of this order.

(iii) Within 180 days of the issuance of this order, the Attorney General shall consult with the Secretary of the Treasury and the Secretary of Homeland Security to submit to the President a report on the role of law enforcement in detecting, investigating, and prosecuting crimes related to digital assets. The report should, as appropriate, include any recommendations regarding regulatory or legislative actions.

(iv) The Attorney General, the Chair of the FTC, and the Director of the CFPB are encouraged to consider the potential impacts of the growth of digital assets on competition policy, if any.

(v) The Chair of the FTC and the Director of the CFPB are encouraged to consider the extent to which privacy or consumer protection measures within their respective jurisdictions can be used to protect digital asset users, and whether additional measures are needed.

(vi) The Chair of the SEC, the Chair of the CFTC, the Federal Reserve Chair, the Chair of the Federal Deposit Insurance Corporation, and the Comptroller of the Currency are each encouraged to consider which investor and market protection measures within their respective jurisdictions can be used to address the risks of digital assets, and whether additional measures are needed.

(vii) Within 180 days of the issuance 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 heads of other relevant agencies, shall submit to the President a report on distributed ledger technology and its short-term, medium-term, and long-term economic and energy transitions; how these technologies may hinder or promote domestic and international efforts to address climate change; and the impact of these technologies on the environment. The report shall be coordinated through the interagency process described in Section 3 of this order. The report should also address the impact of cryptocurrency consensus mechanisms on energy use, including exploring potential mitigation measures and alternative consensus mechanisms and any design trade-offs that may be necessary. The report should specifically address:

(A) The potential uses of blockchain that could support monitoring or mitigating climate impacts, such as greenhouse gas emissions, water, and other natural or environmental asset accountability;

(B) The implications for energy policy, including impacts related to grid management and reliability, energy efficiency incentives and standards, and sources of energy supply.

(viii) Within one year of the 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, and the Chair of the Council of Economic Advisers, and heads of other relevant agencies, shall update the report described in Section 5(b)(vii) of this order, including addressing any knowledge gaps identified in that report.

Section 6: Actions to Promote Financial Stability, Reduce Systemic Risk, and Strengthen Market Integrity

(a) Financial regulatory agencies—including the SEC, CFTC, CFPB, and federal banking agencies—play a critical role in establishing and overseeing protections across the financial system to safeguard its integrity and promote its stability. Since 2017, the Secretary of the Treasury has convened the Financial Stability Oversight Council (FSOC) to assess the financial stability risks and regulatory gaps posed by the continued adoption of digital assets. The U.S. must assess and take action to address the risks that digital assets pose to financial stability and the integrity of financial markets.

(b) Within 210 days of the issuance of this order, the Secretary of the Treasury shall convene the FSOC and prepare a report outlining the specific financial stability risks and regulatory gaps posed by various types of digital assets and provide recommendations for addressing such risks. The report should consider the unique characteristics of various types of digital assets and include recommendations for addressing the financial stability risks posed by these digital assets, including any proposals for increasing or adjusting regulation and new legislation, as deemed appropriate by the Secretary of the Treasury and the FSOC. The report should take into account previous analyses and assessments by the FSOC, agencies, and the President's Working Group on Financial Markets, including ongoing work by federal banking agencies, as appropriate.

Section 7: Actions to Limit Illicit Finance and Related National Security Risks

(a) Digital assets facilitate complex networks and activities related to cybercrime, including through ransomware activities. The increasing use of digital assets in financial activities raises the risks of money laundering, terrorism and proliferation financing, fraud and theft schemes, and corruption. These illicit activities underscore the need for ongoing scrutiny of the use of digital assets, the extent to which technological innovation may affect such activities, and the exploration of opportunities to mitigate these risks through regulation, oversight, public-private partnerships, supervision, and enforcement.

(b) Within 90 days of submitting the national strategy to combat terrorism and other illicit financing to Congress, the Secretary of the Treasury, the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and heads of other relevant agencies may each submit to the President a classified or unclassified supplemental attachment to provide additional insights on illicit finance risks related to digital assets, including cryptocurrencies, stablecoins, CBDCs, and trends in the use of digital assets by illicit actors.

(c) Within 120 days of submitting the national strategy to combat terrorism and other illicit financing to Congress, the Secretary of the Treasury, in consultation with the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and heads of other relevant agencies, shall develop a coordinated action plan based on the conclusions of that strategy to mitigate the illicit finance and national security risks related to digital assets identified in the updated strategy. This action plan shall be coordinated through the interagency process described in Section 3 of this order. The action plan shall emphasize the role and measures of law enforcement to enhance compliance by financial service providers with AML/CFT obligations related to digital asset activities.

(d) Within 120 days of the completion of all of the following reports—the national money laundering risk assessment; the national terrorism financing risk assessment; the national proliferation financing risk assessment; and the updated national strategy to combat terrorism and other illicit financing—the Secretary of the Treasury shall notify relevant agencies through the interagency process described in Section 3 of this order regarding any pending, proposed, or potential rulemaking to address the illicit financing risks posed by digital assets. In assessing the opportunities to mitigate such risks through regulation, the Secretary of the Treasury shall consult with relevant agencies and consider their perspectives.

Section 8: Policies and Actions Related to Promoting International Cooperation and U.S. Competitiveness

(a) This administration's policies to promote international cooperation and U.S. competitiveness in digital assets and financial innovation are as follows:

(i) Technology-driven financial innovation is often cross-border, necessitating international cooperation among public authorities. Such cooperation is essential to maintaining high regulatory standards and a fair competitive environment. Inconsistent regulation, oversight, and compliance across different jurisdictions create opportunities for arbitrage and increase risks to financial stability and the protection of consumers, investors, businesses, and markets. Inadequate AML/CFT regulation, oversight, and enforcement in other countries pose challenges to the U.S.'s ability to investigate illicit digital asset transaction flows that often extend overseas, as is frequently the case with ransomware payments and other money laundering activities related to cybercrime.

(ii) The U.S. government has been actively engaged in international forums and has addressed many of these issues through bilateral partnerships, establishing a robust agenda to continue this work in the coming years. While serving as the FATF President, the U.S. led the organization in developing and adopting the first international standards for digital assets. The U.S. must continue to work with international partners to establish standards for the development of digital payment architectures and CBDCs and appropriate interoperability to reduce payment inefficiencies and ensure that any new funds transfer and payment systems align with U.S. values and legal requirements.

(iii) While serving as the 2020 G7 President, the U.S. established the G7 Digital Payments Experts Group to discuss CBDCs, stablecoins, and other digital payment issues. The G7 report outlines a set of policy principles for CBDCs and is an important contribution to guiding jurisdictions exploring and potentially developing CBDCs. While CBDCs will be issued by a country's central bank, the supporting infrastructure may involve both public and private participants. The G7 report emphasizes that any CBDC should be based on the G7's long-standing public commitment to transparency, the rule of law, sound economic governance, and the promotion of competition and innovation.

(iv) The U.S. continues to support the G20 in addressing the challenges and frictions of cross-border funds transfers and payments, including improving existing cross-border funds transfer and payment systems, working on CBDC designs at the international level, and exploring the potential of well-regulated stablecoin arrangements. The Financial Stability Board (FSB), in collaboration with standard-setting bodies, is leading efforts on issues related to stablecoins, cross-border funds transfers and payments, and other international aspects of digital assets and payments, while the FATF continues to develop AML/CFT standards for digital assets.

(v) My administration will elevate the importance of these topics and expand engagement with our key international partners, including through forums such as the G7, G20, FATF, and FSB. This administration will support ongoing international efforts and, where appropriate, advocate for further work to advance the establishment and implementation of overall standards, cooperation and coordination, and information sharing. Regarding digital assets, this administration will strive to ensure that our core democratic values are respected; consumers, investors, and businesses are protected; appropriate global financial system connectivity and platform and architecture interoperability are maintained; and the security and robustness of the global financial system and international monetary system are upheld.

(b) To advance the policies described in Section 8(a) of this order:

(i) Within 120 days of the issuance of this order, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. Agency for International Development, and heads of other relevant agencies, shall establish a framework for interagency international engagement with foreign counterparts and in international forums to adjust, update, and strengthen the adoption of global principles and standards for the use and trading of digital assets, and to promote the development of digital assets and CBDC technologies in alignment with our values and legal requirements. This framework shall be coordinated through the interagency process described in Section 3 of this order. The framework shall include specific and prioritized workstreams and coordinated information; interagency engagement and activities with foreign partners, such as foreign assistance and capacity-building efforts and global compliance coordination; and whole-of-government efforts to promote international principles, standards, and best practices. The framework shall reflect the ongoing leadership role of the Secretary of the Treasury and financial regulatory agencies in relevant international financial standard-setting bodies and shall enhance U.S. participation in technical standard-setting bodies and other international forums on digital asset issues to promote the development of digital assets and CBDC technologies in alignment with our values.

(ii) Within one year of the establishment of the framework required by Section 8(b)(i) of this order, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Director of the Office of Management and Budget, the Administrator of the U.S. Agency for International Development, and heads of other relevant agencies, shall submit to the President a report on the priority actions taken under that framework and their effectiveness. The report shall be coordinated through the interagency process described in Section 3 of this order.

(iii) Within 180 days of the issuance of this order, the Secretary of Commerce, in consultation with the Secretary of State, the Secretary of the Treasury, and heads of other relevant agencies, shall establish a framework to enhance U.S. economic competitiveness in and through the use of digital asset technologies. This framework shall be coordinated through the interagency process described in Section 3 of this order.

(iv) Within 90 days of the issuance of this order, the Attorney General, in consultation with the Secretary of State, the Secretary of the Treasury, and the Secretary of Homeland Security, shall submit to the President a report on how to strengthen international law enforcement cooperation to detect, investigate, and prosecute crimes related to digital assets.

Section 9: Definitions

For the purposes of this order:

(a) The term "blockchain" refers to distributed ledger technology in which data is shared across a network, creating a digital ledger of verified transactions or information among network participants, and data is typically cryptographically linked to maintain the integrity of the ledger and perform other functions, including the transfer of ownership or value.

(b) The term "central bank digital currency" or "CBDC" refers to a digital currency or form of monetary value denominated in a national unit of account that is a direct liability of the central bank.

(c) The term "cryptocurrency" refers to a type of digital asset that may serve as a medium of exchange, whose generation or ownership records are supported by distributed ledger technology (such as blockchain) that relies on cryptography.

(d) The term "digital asset" refers to all CBDCs, regardless of the technology used, and other representations of value, financial assets, and instruments, or used for payments or investments, transferring or exchanging funds or their equivalents, issued or represented in digital form through the use of distributed ledger technology. For example, digital assets include cryptocurrencies, stablecoins, and CBDCs. Regardless of the label used, digital assets can include securities, commodities, derivatives, or other financial products. Digital assets can be traded across digital asset trading platforms, including centralized and decentralized finance platforms, and can also be traded through peer-to-peer technologies.

(e) The term "stablecoin" refers to a class of cryptocurrency whose mechanism is designed to maintain a stable value, for example, by pegging the value of the token to a specific currency, asset, or pool of assets, or by controlling supply through algorithms to respond to changes in demand to stabilize value.

Section 10: General Provisions

(a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive department or agency or its head; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) The implementation of this order shall be consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and shall not, create any rights or benefits, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.