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President Issues Orders to Halt CBDC Development:
The White House has announced a series of measures aimed at enhancing financial stability and regulatory frameworks in the United States. On January 23, 2025, President acted with significant authority, issuing an order that includes several key directives.
1. **Promoting Financial Stability:** The order outlines policies to regulate digital assets, emphasizing access to blockchain networks, consumer protection, market oversight, and risk management. This aims to maintain financial stability while advancing the use of digital assets.
2. **Revocation of Prior Directives:** It is important to note that two previous directives on stablecoin regulations were revoked, reverting to stricter measures previously in place.
3. **Creation of a Working Group:** A multi-agency working group has been established to evaluate and propose regulatory changes, including the establishment of a digital asset stockpile. This collaborative effort involves key departments such as the Department of Treasury, Justice, Securities and Exchange Commission, and others.
4. **Prohibition on CBDCs:** Agencies are prohibited from developing or promoting Central Bank Digital Currencies (CBDCs) within the U.S., with immediate termination of ongoing plans if any actions related to CBDC creation occur.
5. **Implementation Details:** The order is implemented under applicable law, subject to appropriations, and does not create enforceable rights or benefits against the U.S. government or its entities.
These measures reflect a comprehensive approach to regulating digital assets, ensuring financial stability while exploring innovative regulatory frameworks in this evolving landscape.
Source: https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology