Executive Order 14067, “Ensuring Responsible Development of Digital Assets,” was signed by President Joe Biden on March 9, 2022 as the first comprehensive federal strategy for cryptocurrencies and digital assets.1Federal Register. Ensuring Responsible Development of Digital Assets It is no longer in force. President Trump revoked it in full on January 23, 2025 through Executive Order 14178, which also banned any federal work on a central bank digital currency and installed a new framework favoring private-sector development.2White House. Strengthening American Leadership in Digital Financial Technology
What the Order Required
The order set out a “whole-of-government” approach, meaning dozens of agencies had to coordinate rather than write rules in isolation. It organized federal work around six priorities: consumer and investor protection, financial stability, combating illicit finance, U.S. competitiveness in global finance, financial inclusion, and responsible innovation.3The American Presidency Project. Executive Order 14067 – Ensuring Responsible Development of Digital Assets
Most of what the order actually did came through mandated interagency reports. Each report had a deadline, a lead agency, and a list of agencies that had to be consulted. The order did not itself create new rules or new authorities. It directed the executive branch to study the field, identify gaps, and recommend what should come next.
The Central Bank Digital Currency Directive
The most politically consequential piece of EO 14067 placed “the highest urgency” on research into a U.S. central bank digital currency, or CBDC, a digital dollar issued and backed by the Federal Reserve. Section 4 tasked the Secretary of the Treasury with leading a report on the future of money and payment systems, consulting the Secretary of State, the Attorney General, the Secretary of Commerce, and others. The report was to address technical design, policy implications, and economic effects of launching a digital dollar.3The American Presidency Project. Executive Order 14067 – Ensuring Responsible Development of Digital Assets
The Attorney General was separately asked to assess whether Congress would need to pass new legislation before a CBDC could legally be issued. The Office of Science and Technology Policy was directed to evaluate the technical infrastructure agencies would need to support a digital currency, including risks from emerging threats like quantum computing.
What the Mandated Reports Produced
The Financial Stability Oversight Council delivered its response to Section 6 in October 2022, concluding that crypto-asset activities “could pose risks to the stability of the U.S. financial system.”4U.S. Department of the Treasury. Financial Stability Oversight Council Releases Report on Digital Asset Financial Stability Risks and Regulation FSOC identified three regulatory gaps: limited federal oversight of spot crypto markets for assets not classified as securities, opportunities for firms to arbitrage between state and federal rules, and the tendency of crypto platforms to bundle trading, custody, and lending into a single company in ways that create conflicts of interest. The council recommended that Congress create a comprehensive federal framework for stablecoins and give regulators new authority over the full corporate structure of crypto companies.
Section 5 produced a parallel workstream on consumer and investor protection. Treasury coordinated with the Department of Labor, the FTC, the SEC, and other financial regulators on a report addressing fraud, theft, privacy breaches, and “unfair and abusive acts or practices” tied to digital asset platforms.3The American Presidency Project. Executive Order 14067 – Ensuring Responsible Development of Digital Assets The order acknowledged that less-informed market participants and underserved communities faced disproportionate exposure to losses. Labor’s involvement signaled concern about crypto speculation in retirement accounts.
Section 7 directed Treasury, Justice, Homeland Security, and the Director of National Intelligence to produce a coordinated action plan on money laundering, terrorist financing, ransomware, and sanctions evasion involving digital assets, building on the existing National Strategy for Combating Terrorist and Other Illicit Financing.
How and When It Was Revoked
Executive Order 14067 was in effect for roughly three years. On January 23, 2025, President Trump signed Executive Order 14178, “Strengthening American Leadership in Digital Financial Technology.”5Federal Register. Strengthening American Leadership in Digital Financial Technology Section 3 of the new order explicitly revoked EO 14067, rescinded Treasury’s July 2022 “Framework for International Engagement on Digital Assets,” and directed that all policies and guidance issued under the old order be withdrawn to the extent they conflicted with the new framework.2White House. Strengthening American Leadership in Digital Financial Technology
The reversal was comprehensive. Where EO 14067 placed “the highest urgency” on CBDC research, EO 14178 prohibited it. Where the earlier order emphasized regulatory coordination to manage risks, the new order emphasized regulatory clarity to promote industry growth.
What Governs Federal Digital Asset Policy Now
Prohibition on a Digital Dollar
Section 5 of EO 14178 bars federal agencies from taking any action to establish, issue, or promote a CBDC inside the United States or abroad, and it ordered all ongoing CBDC plans terminated immediately.2White House. Strengthening American Leadership in Digital Financial Technology The order frames CBDCs as threats to financial stability, individual privacy, and U.S. sovereignty.
Presidential Working Group on Digital Asset Markets
EO 14178 created a Presidential Working Group inside the National Economic Council, chaired by the Special Advisor for AI and Crypto. Members include the Secretary of the Treasury, the Attorney General, the chairs of the SEC and CFTC, and other senior officials. Within 180 days, the group was directed to submit a report with regulatory and legislative proposals, including a proposed federal framework for stablecoins and an evaluation of a national digital asset stockpile.2White House. Strengthening American Leadership in Digital Financial Technology
Strategic Bitcoin Reserve
A separate order, EO 14233, signed March 6, 2025, directed Treasury to create a Strategic Bitcoin Reserve funded by bitcoin seized through federal criminal and civil forfeiture proceedings. Bitcoin deposited into the reserve cannot be sold. A parallel “United States Digital Asset Stockpile” was established for non-bitcoin digital assets obtained through forfeitures. Treasury and Commerce were told to develop budget-neutral strategies for acquiring additional bitcoin.6Federal Register. Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile
The GENIUS Act
On July 18, 2025, the GENIUS Act was signed into law, creating the first federal framework for stablecoin issuers. Stablecoins must be backed one-to-one with liquid assets such as U.S. dollars or short-term Treasury securities, and issuers must publicly disclose reserve composition monthly. Issuers cannot claim their tokens are government-backed, federally insured, or legal tender. If an issuer becomes insolvent, holders’ claims take priority over all other creditors.7White House. Fact Sheet: President Donald J. Trump Signs GENIUS Act into Law The law brings stablecoin issuers under the Bank Secrecy Act, requires anti-money-laundering and sanctions compliance programs, and requires issuers to have the technical ability to freeze or destroy stablecoins when legally required.
FIT21 and Broader Market Structure
Beyond stablecoins, which agency oversees which digital assets remains unresolved. The Financial Innovation and Technology for the 21st Century Act (FIT21) passed the House in May 2024 with bipartisan support and would divide oversight between the SEC and the CFTC depending on whether an asset is classified as a security or a commodity. As of early 2026, FIT21 has not been enacted. It stalled in the Senate during the previous Congress, and its path forward is uncertain.
What Survived the Revocation
Even without legal force, EO 14067 left a footprint. The FSOC’s analysis of systemic risk and regulatory gaps shaped the debate that produced the GENIUS Act, and its recommendation for a federal stablecoin framework was eventually enacted through legislation. The order also pushed dozens of agencies to build institutional knowledge about digital assets, and that expertise didn’t vanish when the policy direction changed. What did vanish is the order’s operational authority: the CBDC research it prioritized is now prohibited, its coordination structure has been replaced by the Presidential Working Group, and the concerns it flagged are being addressed, where they are being addressed, through legislation rather than executive branch reports.