ETA Applauds Executive Order Ensuring Responsible Development of Digital Assets

Washington, DC – March 9, 2022 – The Electronic Transactions Association (ETA) applauds the release of President Biden’s Executive Order, entitled Ensuring Responsible Development of Digital Assets. The EO directs a number of agencies across the government to study cryptocurrencies and a U.S. CBDC and produce a government-wide strategy to regulate digital assets.

“We commend President Biden for releasing this Executive Order and are strongly encouraged that it reflects principles that are consistent with ETA’s own,” said Jodie Kelley, CEO of ETA. “ETA members lead the payments and crypto space, and we look forward to continuing to work with policymakers as guidelines begin to take shape.”

The EO directs federal banking regulators and a range of agencies – including the Departments of Treasury, State, Justice, and Homeland Security – to study digital assets, including both risks and potential benefits. The agencies are directed to develop recommendations on the appropriate regulatory framework for digital assets within prescribed time periods.

As payments experts, ETA has long advocated for a policy approach to cryptoassets and a U.S. CBDC that considers both potential benefits and negative consequences, and includes an appropriate regulatory framework that is tailored to risk. To this end, ETA released “7 Guiding Principles for CBDC” and “5 Guiding Principles for Crypto” against which any proposal should be measured.

Given that the existing payments system in the U.S. is competitive, safe, effective, dynamic, and efficient, ETA urges policymakers to move thoughtfully and deliberately to ensure that any policy proposal best serves the needs of consumers, furthers financial inclusion, preserves and strengthens the financial system, and ensures that consumers continue to have access to a robust and innovative array of secure financial services and payment options.

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