in effect
This is a presidential executive order (Executive Order 14178, signed January 23, 2025) on digital assets and cryptocurrency. It sets the administration’s policy toward crypto, blockchain, and stablecoins, cancels a prior executive order on the same topic, creates a government working group to recommend new rules, and bans a U.S. Central Bank Digital Currency.
It revokes the earlier Executive Order 14067 (from March 9, 2022) and directs the Treasury Secretary to immediately withdraw Treasury’s July 7, 2022 “Framework for International Engagement on Digital Assets,” rescinding guidance issued under them where inconsistent with this order. It creates the President’s Working Group on Digital Asset Markets, chaired by the Special Advisor for AI and Crypto, with set deadlines: agencies must identify all digital-asset-related regulations within 30 days, submit recommendations to keep, modify, or rescind them within 60 days, and the Working Group must deliver a report to the President within 180 days proposing a federal regulatory framework (covering stablecoins, market structure, oversight, consumer protection, and risk management) and evaluating a possible national digital asset stockpile built from cryptocurrency seized in law enforcement. It prohibits federal agencies from establishing, issuing, or promoting a Central Bank Digital Currency (a direct digital liability of the central bank) inside or outside the U.S., and orders any existing CBDC plans terminated, except where the law requires otherwise. It also states a policy of protecting activities like software development, mining, validating, transacting, and self-custody of digital assets, and promoting dollar-backed stablecoins.
Federal agencies are directly affected — Treasury, Justice, Commerce, Homeland Security, the SEC, the CFTC, and others named in the Working Group must inventory rules, make recommendations, and halt any CBDC work. The digital asset industry, blockchain developers, miners, validators, and stablecoin issuers are the subject of the policy and the future regulatory framework the report will propose. The order itself creates no legally enforceable rights for private parties and is carried out subject to existing law and available funding; concrete rules would come later from the Working Group’s recommendations.