On January 23, the White House issued Executive Order 14178: Strengthening American Leadership in Digital Financial Technology to promote “open access to banking services” and prohibit central bank digital currencies (CBDCs). The order emphasized digital assets and blockchain technology’s role in economic innovation, advocating for citizens’ rights to use blockchain networks without persecution. It highlighted the need for regulatory clarity and the promotion of dollar-backed stablecoins while prohibiting explicitly CBDCs in the U.S.
The executive order revoked the previous administration’s Executive Order 14067 and the Treasury’s July 2022 framework on digital assets. The Secretary of the Treasury must ensure compliance with the new policies. Additionally, the order established the President’s Working Group on Digital Asset Markets, chaired by the Special Advisor for AI and Crypto. This group will propose a federal regulatory framework for digital assets and evaluate the potential for a national digital asset stockpile.