Section |
Timeframe |
Lead Agency |
Other Agencies Involved |
Description |
Central Bank Digital Currency |
Section 4(b) |
180 days |
Secretary of the Treasury |
Secretary of State, Attorney General, Secretary of Commerce, Secretary of Homeland Security, Director of the Office of Management and Budget, Director of National Intelligence, and the heads of the other relevant agencies |
Report on the future of money and payment systems, including the conditions that drive broad adoption of digital assets; the extent to which technological innovation may influence these outcomes; and the implications for the United States financial system, the modernization of and changes to payment systems, economic growth, financial inclusion, and national security. |
Section 4(a) |
N/A |
Federal Reserve |
N/A |
Continue to research and report on the extent to which CBDCs could improve the efficiency and reduce the costs of existing and future payments systems as well as whether a United States CBDC would impact the ability of monetary policy to function as a macroeconomic stabilization tool. |
Section 4(d)(i) |
180 days |
Attorney General |
Secretary of the Treasury and Chairman of the Federal Reserve |
Assessment of whether legislative changes would be necessary to issue a United States CBDC. |
Section 4(d)(ii) |
210 days |
Attorney General |
Secretary of the Treasury and Chairman of the Federal Reserve |
Legislative proposal based on considerations of the report submitted by the Secretary of Treasury regarding the future of money and payment systems. |
Section 5(b)(ii) |
180 days |
Director of the Office of Science and Technology Policy and Chief Technology |
Secretary of the Treasury, Chairman of the Federal Reserve, and the heads of the other relevant agencies |
Technical evaluation of the technological infrastructure, capacity, and expertise that would be necessary at relevant agencies to facilitate and support the introduction of a CBDC system. |
Consumer Protection and Financial Inclusion |
Section 5(b)(i) |
180 days |
Secretary of the Treasury |
Secretary of Labor and the heads of the other relevant agencies, including, as appropriate, the heads of independent regulatory agencies such as the FTC, the SEC, the CFTC, Federal banking agencies, and the CFPB |
Report addressing the implications of developments and adoption of digital assets and changes in financial market and payment system infrastructures for United States consumers, investors, businesses and assessing the risks and opportunities that are posed by the adoption of digital assets. The report must also include policy recommendations as well as potential regulatory and legislative actions necessary to protect United States consumers, investors, and businesses. |
Section 5(b)(iii) |
180 days |
Attorney General |
Secretary of the Treasury and Secretary of Homeland Security |
Report on the role of law enforcement agencies in detecting, investigating, and prosecuting criminal activity related to digital assets, which will include regulatory and legislative recommendations. |
Section 5(b)(iv) |
N/A |
Attorney General, Chair of the FTC and Director of the CFPB |
N/A |
Consider the extent to which privacy or consumer protection measures within their respective jurisdictions may be used to protect users of digital assets and whether additional measures may be needed. |
Section 5(b)(v) |
N/A |
Chair of the SEC, Chairman of the CFTC, Chairman of the Federal Reserve, Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation, and Comptroller of the Currency |
N/A |
Consider the extent to which investor and market protection measures within their respective jurisdictions may be used to address the risks of digital assets and whether additional measures may be needed. |
Financial Stability |
Section 6(b) |
210 days |
Secretary of the Treasury |
FSOC |
Report outlining the specific financial stability risks and regulatory gaps posed by various types of digital assets and providing recommendations to address such risks. |
Illicit Finance and National Security Risks |
Section 7(b) |
90 days |
Secretary of the Treasury |
Secretary of State, Attorney General, Secretary of Commerce, Secretary of Homeland Security, Director of the Office of Management and Budget, Director of National Intelligence, and the heads of other relevant agencies |
Each agency may submit supplemental annexes to the National Strategy for Combating Terrorist and Other Illicit Financing (the "Strategy"), offering additional views on illicit finance risks posed by digital assets, including cryptocurrencies, stablecoins, CBDCs, and trends in the use of digital assets by illicit actors. |
Section 7(c) |
120 days |
Secretary of the Treasury |
Secretary of State, Attorney General, Secretary of Commerce, Secretary of Homeland Security, Director of the Office of Management and Budget, Director of National Intelligence, and the heads of other relevant agencies |
Coordinated action plan based on the Strategy's conclusions for mitigating the digital‑asset-related illicit finance and national security risks addressed in the Strategy, which shall address he role of law enforcement and measures to increase financial services providers' compliance with AML/CFT obligations related to digital asset activities. |
Section 7(d) |
120 days following completion of each of the National Money Laundering Risk Assessment, the National Terrorist Financing Risk Assessment, the National Proliferation Financing Risk Assessment, and the updated National Strategy for Combating Terrorist and Other Illicit Financing |
Secretary of the Treasury |
N/A |
Notify the relevant agencies on any pending, proposed, or prospective rulemakings to address digital asset illicit finance risks and consult with such relevant agencies in evaluating opportunities to mitigate such risks through regulation. |
International Cooperation |
Section 8(b)(i) |
120 days |
Secretary of the Treasury |
Secretary of State, Secretary of Commerce, Administrator of the United States Agency for International Development, and the heads of the other relevant agencies |
Framework for interagency international engagement with foreign counterparts to promote the adoption of global principles and standards for digital assets. |
Section 8(b)(ii) |
1 year from the establishment of the 8(b)(i) framework |
Secretary of the Treasury |
Secretary of State, Secretary of Commerce, Administrator of the United States Agency for International Development, and the heads of the other relevant agencies |
Report to the President on priority actions taken under the framework and its effectiveness. |
Section 8(b)(iii) |
180 days |
Secretary of Commerce |
Secretary of State, Secretary of the Treasury, and the heads of the other relevant agencies |
Framework for enhancing United States economic competitiveness in, and leveraging of, digital asset technologies. |
Section 8(b)(iv) |
90 days |
Attorney General |
Secretary of State, Secretary of the Treasury, and Secretary of Homeland Security |
Report with strategies to strengthen international law enforcement cooperation for detecting, investigating, and prosecuting criminal activity related to digital assets. |
Responsible Development and Use of Digital Assets |
Section 5(b)(vii) |
180 days |
Director of the Office of Science and Technology Policy |
Secretary of the Treasury, Secretary of Energy, Administrator of the Environmental Protection Agency, Chair of the Council of Economic Advisers, Assistant to the President and National Climate Advisor, and the heads of other relevant agencies |
Report detailing the connections between distributed ledger technology and economic and energy transitions, the effect these technologies may have on tackling climate change and potential impacts on the environment. |
Section 5(b)(viii) |
1 year from the submission of the 5(b)(vii) report |
Director of the Office of Science and Technology Policy |
Secretary of the Treasury, Secretary of Energy, Administrator of the Environmental Protection Agency, Chair of the Council of Economic Advisers, Assistant to the President and National Climate Advisor, and the heads of other relevant agencies |
Update the report described in section 5(b)(vii) of this order, including to address any knowledge gaps identified in such report. |