Documents › Executive orders › 14178
Executive Order 14178
Strengthening American Leadership in Digital Financial Technology
Signed January 23, 2025, printed at 90 FR 8647. 5 sections of substance, 1,437 words.
This order backs digital money and the firms that build it. It bars work on a central bank digital dollar.
Sec. 1. Purpose and Policies
(a) The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation's international leadership. It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy, including by: (i) protecting and promoting the ability of individual citizens and private-sector entities alike to access and use for lawful purposes open public blockchain networks without persecution, including the ability to develop and deploy software, to participate in mining and validating, to transact with other persons without unlawful censorship, and to maintain self-custody of digital assets; (ii) promoting and protecting the sovereignty of the United States dollar, including through actions to promote the development and growth
(a) The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation's international leadership. It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy, including by: (i) protecting and promoting the ability of individual citizens and private-sector entities alike to access and use for lawful purposes open public blockchain networks without persecution, including the ability to develop and deploy software, to participate in mining and validating, to transact with other persons without unlawful censorship, and to maintain self-custody of digital assets; (ii) promoting and protecting the sovereignty of the United States dollar, including through actions to promote the development and growth
This is about digital money. It backs the growth of that trade. It says people may use public networks.
Sec. 2. Definitions
(a) For the purpose of this order, the term ``digital asset'' refers to any digital representation of value that is recorded on a distributed ledger, including cryptocurrencies, digital tokens, and stablecoins. (b) The term ``blockchain'' means any technology where data is: (i) shared across a network to create a public ledger of verified transactions or information among network participants; (ii) linked using cryptography to maintain the integrity of the public ledger and to execute other functions; (iii) distributed among network participants in an automated fashion to concurrently update network participants on the state of the public ledger and any other functions; and (iv) composed of source code that is publicly available. [[Page 8648]] (c) ``Central Bank Digital Currency'' means a form of digital money or monetary value, denominated in the national unit of account, that is a
(a) For the purpose of this order, the term ``digital asset'' refers to any digital representation of value that is recorded on a distributed ledger, including cryptocurrencies, digital tokens, and stablecoins. (b) The term ``blockchain'' means any technology where data is: (i) shared across a network to create a public ledger of verified transactions or information among network participants; (ii) linked using cryptography to maintain the integrity of the public ledger and to execute other functions; (iii) distributed among network participants in an automated fashion to concurrently update network participants on the state of the public ledger and any other functions; and (iv) composed of source code that is publicly available. [[Page 8648]] (c) ``Central Bank Digital Currency'' means a form of digital money or monetary value, denominated in the national unit of account, that is a
This defines the terms. Digital asset covers coins and tokens. Blockchain is the shared record they run on.
Sec. 3.
Revocation of Executive Order 14067 and Department of the Treasury Framework of July 7, 2022. (a) Executive Order 14067 of March 9, 2022 (Ensuring Responsible Development of Digital Assets) is hereby revoked. (b) The Secretary of the Treasury is directed to immediately revoke the Department of the Treasury's ``Framework for International Engagement on Digital Assets,'' issued on July 7, 2022. (c) All policies, directives, and guidance issued pursuant to Executive Order 14067 and the Department of the Treasury's Framework for International Engagement on Digital Assets are hereby rescinded or shall be rescinded by the Secretary of the Treasury, as appropriate, to the extent they are inconsistent with the provisions of this order. (d) The Secretary of the Treasury shall take all appropriate measures to ensure compliance with the policies set forth in this order.
Revocation of Executive Order 14067 and Department of the Treasury Framework of July 7, 2022. (a) Executive Order 14067 of March 9, 2022 (Ensuring Responsible Development of Digital Assets) is hereby revoked. (b) The Secretary of the Treasury is directed to immediately revoke the Department of the Treasury's ``Framework for International Engagement on Digital Assets,'' issued on July 7, 2022. (c) All policies, directives, and guidance issued pursuant to Executive Order 14067 and the Department of the Treasury's Framework for International Engagement on Digital Assets are hereby rescinded or shall be rescinded by the Secretary of the Treasury, as appropriate, to the extent they are inconsistent with the provisions of this order. (d) The Secretary of the Treasury shall take all appropriate measures to ensure compliance with the policies set forth in this order.
This cancels a 2022 order on digital money. It also drops a Treasury plan from that year. Guidance built on them ends.
Sec. 4. Establishment of the President's Working Group on Digital Asset Markets
(a) There is hereby established within the National Economic Council the President's Working Group on Digital Asset Markets (Working Group). The Working Group shall be chaired by the Special Advisor for AI and Crypto (Chair). In addition to the Chair, the Working Group shall include the following officials, or their designees: (i) the Secretary of the Treasury; (ii) the Attorney General; (iii) the Secretary of Commerce; (iv) the Secretary of Homeland Security; (v) the Director of the Office of Management and Budget; (vi) the Assistant to the President for National Security Affairs; (vii) the Assistant to the President for National Economic Policy (APEP); (viii) the Assistant to the President for Science and Technology; (ix) the Homeland Security Advisor; (x) the Chairman of the Securities and Exchange Commission; and (xi) the Chairman of the Commodity Futures Trading Commission. (xii)
(a) There is hereby established within the National Economic Council the President's Working Group on Digital Asset Markets (Working Group). The Working Group shall be chaired by the Special Advisor for AI and Crypto (Chair). In addition to the Chair, the Working Group shall include the following officials, or their designees: (i) the Secretary of the Treasury; (ii) the Attorney General; (iii) the Secretary of Commerce; (iv) the Secretary of Homeland Security; (v) the Director of the Office of Management and Budget; (vi) the Assistant to the President for National Security Affairs; (vii) the Assistant to the President for National Economic Policy (APEP); (viii) the Assistant to the President for Science and Technology; (ix) the Homeland Security Advisor; (x) the Chairman of the Securities and Exchange Commission; and (xi) the Chairman of the Commodity Futures Trading Commission. (xii)
This sets up a working group. It sits inside a White House council. Several agency heads are members.
Sec. 5. Prohibition of Central Bank Digital Currencies
(a) Except to the extent required by law, agencies are hereby prohibited from undertaking any action to establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad. (b) Except to the extent required by law, any ongoing plans or initiatives at any agency related to the creation of a CBDC within the jurisdiction of the United States shall be immediately terminated, and no further actions may be taken to develop or implement such plans or initiatives.
(a) Except to the extent required by law, agencies are hereby prohibited from undertaking any action to establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad. (b) Except to the extent required by law, any ongoing plans or initiatives at any agency related to the creation of a CBDC within the jurisdiction of the United States shall be immediately terminated, and no further actions may be taken to develop or implement such plans or initiatives.
This bars a digital dollar. Agencies may not build or push one. Work already under way must stop.
Sec. 6. Severability
Every order carries this. It is not what the order does.
(a) If any provision of this order, or the application of any provision to any person or circumstance, is held to be invalid, the remainder of this order and the application of its provisions to any other persons or circumstances shall not be affected thereby.
(a) If any provision of this order, or the application of any provision to any person or circumstance, is held to be invalid, the remainder of this order and the application of its provisions to any other persons or circumstances shall not be affected thereby.
This is the standard severability clause. If a court strikes down part of the order, the rest still stands.
Sec. 7. General Provisions
Every order carries this. It is not what the order does.
(a) Nothing in this order shall be construed to impair or otherwise affect: (i) the authority granted by law to an executive department, agency, or the head thereof; or (ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals. (b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations. [[Page 8650]] (c) This order is not intended to, and does not, create any right or benefit, 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. <GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT> (Presidential Sig.) THE WHITE HOUSE, January 23, 2025. [FR Doc. 2025-02123 Filed 1-30-25; 8:45 am] Billing code 3395-F4-P </pre></body> </html>
(a) Nothing in this order shall be construed to impair or otherwise affect: (i) the authority granted by law to an executive department, agency, or the head thereof; or (ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals. (b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations. [[Page 8650]] (c) This order is not intended to, and does not, create any right or benefit, 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. <GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT> (Presidential Sig.) THE WHITE HOUSE, January 23, 2025. [FR Doc. 2025-02123 Filed 1-30-25; 8:45 am] Billing code 3395-F4-P </pre></body> </html>
This is the closing clause that nearly every order carries. It says the order does not change what the law already allows. It also says no one can sue to enforce it.
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