Technology and cybersecurity

Executive Order 14067: Ensuring Responsible Development of Digital Assets

President: Joseph R. Biden Jr.

Ordered a government-wide assessment of digital assets covering consumer protection, financial stability, illicit finance, US competitiveness, payment systems and a potential central-bank digital currency.

Status: Revoked.

Is Executive Order 14067 still in effect? No. Executive Order 14178 expressly revoked Executive Order 14067 on January 23, 2025, replacing the earlier research framework with a different digital-asset policy and prohibiting federal central-bank-digital-currency initiatives.

Financial institutions, digital-asset symbols, scales and rising charts surround people and a globe.
Digital-asset policy review, illustrated symbolically; charts are not price forecasts, and the image does not show a digital dollar being launched. EO Explained · site-generated editorial illustration · not documentary evidence.

What does Executive Order 14067 do?

Biden ordered a coordinated review of digital assets, including cryptocurrencies, stablecoins and possible central bank digital currencies. The policy objectives concerned consumer protection, financial stability, illicit finance, national security, competitiveness, financial inclusion and responsible innovation. Much of the order consisted of research, reports and interagency recommendations rather than immediately operative rules for a cryptocurrency holder. Signed text.

Treasury had to analyze the future of money and payment systems and risks for consumers, while Justice examined law-enforcement cooperation and whether legislation would be needed for a US central bank digital currency. OSTP was assigned technical and environmental analysis, and Commerce a competitiveness framework. Independent regulators were encouraged to assess measures within their own jurisdiction. These directions did not settle whether a particular token is a security, commodity or payment instrument. Signed text.

The order called for urgency in evaluating a possible digital dollar but did not launch one, cancel cash or make digital currency mandatory. It distinguished a CBDC, a direct central-bank liability, from privately issued digital assets. International cooperation and illicit-finance work were also part of the mandate, reflecting the fact that payment systems and digital-asset transactions can cross national borders while enforcement and legal authority remain jurisdiction-specific. Signed text.

Administration position: The order’s findings and policy rationale were the Biden administration’s positions. This guide distinguishes them from implementation records and judicial rulings.
SignedMarch 9, 2022
Lead officialsTreasury, Commerce, Justice, Federal Reserve and financial regulators
Express timingReports and frameworks generally within 90–210 days

Before and after

Before the order

Agencies already applied securities, commodities, banking and anti-money-laundering law to relevant digital-asset activity. EO 14067 added a presidential schedule for connecting that work, identifying regulatory gaps and considering legislation. It did not create a general exemption from those existing laws or grant every agency identical supervisory powers over all tokens and platforms. Signed text.

After the order

Treasury released reports on money and payments, consumer/investor protection and illicit finance on September 16, 2022. The findings were a research output, not enactment of every recommended measure. On January 23, 2025, EO 14178 revoked EO 14067 and Treasury’s international-engagement framework and established a new presidential working group. The successor prohibited federal CBDC establishment, issuance or promotion, reversing the earlier instruction to explore its possible design and deployment. Official follow-up record 1. Official follow-up record 2.

Who had to do what

Agency / officeActionTiming / position
National Security Adviser and Economic Policy AdviserCoordinate the executive-branch interagency process and receive the specified CBDC legal analysis and proposal.Throughout implementation; CBDC outputs within 180 and 210 days.
Treasury SecretaryReport on money/payments and consumer risks, lead international-engagement and illicit-finance work, and convene FSOC on systemic risks.Main reports within 180 days; FSOC report within 210 days; international framework within 120 days and follow-up one year after establishment.
Attorney GeneralReport on international law-enforcement cooperation and criminal activity; assess CBDC legislation and provide a corresponding proposal.Cooperation report within 90 days; criminal/CBDC analysis within 180 days; legislative proposal within 210 days.
OSTP DirectorEvaluate CBDC technical infrastructure and digital-asset energy/environmental impacts, with specified agencies.Initial reports within 180 days; environmental update within one year of the initial report.
Commerce SecretaryDevelop a digital-asset competitiveness framework and consult on international engagement.Competitiveness framework within 180 days.
State SecretaryConsult on payment-system analysis, international engagement, illicit-finance work and international law-enforcement cooperation.On the lead agencies’ report schedules.
Homeland Security SecretaryConsult on national-security, payment-system, criminal-activity and illicit-finance assessments.On the applicable 90-, 180- and strategy-linked schedules.
OMB DirectorConsult on payment-system and illicit-finance analysis and the international-framework follow-up.On the lead report schedules; no separate stand-alone deadline.
Director of National IntelligenceConsult on digital-asset national-security and illicit-finance analysis; may submit a supplemental illicit-finance annex.Annex within 90 days of the national strategy’s submission; other work on lead schedules.
Energy SecretaryConsult on distributed-ledger energy and climate effects and the update.Initial environmental report within 180 days; update one year later.
EPA AdministratorConsult on environmental impacts of digital assets and distributed-ledger technologies.On the environmental-report and update schedules.
Council of Economic Advisers Chair and National Climate AdvisorConsult on economic, energy-transition and climate aspects of the environmental report.Initial report within 180 days; applicable follow-up thereafter.
Labor SecretaryConsult on consumer, investor and business implications of digital assets.Treasury report within 180 days.
USAID AdministratorConsult on international-engagement framework and effectiveness report.Framework within 120 days; follow-up one year after establishment.
Federal Reserve ChairEncouraged to research CBDC design, payment efficiency and monetary-policy implications; consult on legal analysis.Research has no mandatory fixed completion date.
FTC ChairEncouraged to examine competition, privacy and consumer-protection measures within existing jurisdiction.No mandatory deadline.
CFPB DirectorEncouraged to examine competition, privacy and consumer-protection implications within existing jurisdiction.No mandatory deadline.
SEC ChairEncouraged to consider investor and market protections and consult on Treasury’s analysis.No mandatory rule deadline.
CFTC ChairEncouraged to assess investor and market-protection measures within statutory jurisdiction.No mandatory rule deadline.
FDIC ChairEncouraged to consider market/investor protections within banking jurisdiction.No mandatory rule deadline.
Comptroller of the CurrencyEncouraged to consider bank-related market/investor protections within existing authority.No mandatory rule deadline.
Secretary of DefenseParticipate, as appropriate, in the coordinated interagency process implementing the digital-asset order; no independent report is assigned to this office.As appropriate during interagency implementation; no separate fixed deadline.
Domestic Policy Council DirectorParticipate, as appropriate, in the coordinated interagency process implementing the digital-asset order; no independent report is assigned to this office.As appropriate during interagency implementation; no separate fixed deadline.
Office of Information and Regulatory Affairs AdministratorParticipate, as appropriate, in the coordinated interagency process implementing the digital-asset order; no independent report is assigned to this office.As appropriate during interagency implementation; no separate fixed deadline.
National Science Foundation DirectorParticipate, as appropriate, in the coordinated interagency process implementing the digital-asset order; no independent report is assigned to this office.As appropriate during interagency implementation; no separate fixed deadline.

What happened next

Biden signed EO 14067. Official source

Treasury released three digital-asset reports under the order. Official source

EO 14178 revoked the order and reversed the federal CBDC policy. Official source