Biden’s executive order states that OIRA’s “regulatory analysis should facilitate agency efforts to develop regulations that serve the public interest,” which effectively changes OIRA’s role from supervisor to cheerleader. It should do the same for its regulations.Įven more troubling is the apparent change in OIRA’s mission. The government at least gives the public information on how much it taxes and spends. Doubling the economic significance threshold would further reduce oversight. Less than 1 percent of the over 3,000 new regulations annually get any cost analysis from OIRA. Regulations not officially deemed significant may still be crippling to the people bearing their burdens.
The practical effect is less transparency. The baseline for significance would adjust every three years, indexed to GDP. While a new threshold is somewhat understandable as a reaction to inflation, inflation itself is a gift of the government. Significant regulations get reviewed at the Office of Management and Budget (OMB)’s Office of Information and Regulatory Affairs (OIRA), while smaller rules typically do not. The executive order’s most visible change is a doubled threshold for classifying “economically significant” regulations, from $100 million of annual economic impact to $200 million. And regulatory review will abandon objective analysis in favor of motivated reasoning, to salute rather than supervise progressive overreach in areas such as climate change and environmental, social and governance (ESG) investing. It demonstrates the United States' acknowledgment of the importance of digital assets and blockchain technology in the global financial system, as well as its intention to remain a leader in the global financial system through responsible payment innovation and digital asset development.Transparency and disclosure will take a hit, with fewer rules receiving cost-benefit analysis. The order does not change the way digital assets are governed immediately nevertheless, it marks the start of a process to develop a regulatory framework that addresses all elements of digital assets. The order instructs federal agencies to conduct a wide assessment of existing policies relating to digital assets and to submit reports recommending regulatory and legislative reforms. It also asks for more work to be done into developing a United States Central Bank Digital Currency (CBDC).Ĭompanies in the digital asset field will likely see policy changes in the form of regulation and enforcement, but it might also give the market and its participants more clarity. The order outlines five main goals, which includes protection of consumers and investors, monetary stability, decreasing financial and national security risks, economic competitiveness, and responsible innovation. The executive order aims at developing a digital assets policy plan and organize federal regulators' efforts in this area. The executive order addresses the potential national security implications of cryptocurrencies. The ultimate aim of the order is to develop digital assets in a responsible manner. Guaranteeing that digital assets are developed in a responsible manner.Įxecutive Order 14067, officially titled Ensuring Responsible Development of Digital Assets, was signed on March 9, 2022, and is the 83rd executive order signed by U.S. President Joe BidenĮxecutive Order 14067 "Ensuring Responsible Development of Digital Assets"
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