Just Because They Say It: Does the U.S. Really Have the “First-Ever Comprehensive Framework” For Digital Assets?

On March 9, 2022, President Biden made history by signing an Executive Order on Ensuring Responsible Development of Digital Assets. On September 16, 2022, the White House released a fact sheet proclaiming that it had produced the “First Ever Comprehensive Framework for Responsible Development of Digital Assets,” based on nine reports stemming from the Executive Order. This Article is divided into two main parts. Part one reviews the reports received by the White House, explaining what they address while pointing out open issues for which no particular direction is established.

Part two assesses regulatory gaps in the crypto space in order to make the case that we are far from a comprehensive approach to crypto (or digital assets, as they are sometimes called).