April Edition 2022

35 Legislative Reforms The Executive Order directs the DOJ to recommend legislation in two key areas: the issuance of a CBDC and the investigation/prosecution of criminal activities relating to digital assets. The DOJ’s report on whether “legislative changes would be necessary to issue a United States CBDC” is due in September 2022.9 We expect the report will garner substantial attention from government and industry. And it is expected that the DOJ’s National Cryptocurrency Enforcement Team (“NCET”) will have substantial involvement in that process. That is because the NCET “will serve as the focal point for the department’s efforts to tackle the growth of crime involving [digital assets and distributed ledger] technologies.”10 Conclusion The Executive Order is a significant step in requiring review of key issues facing digital assets. It provides a roadmap for action; it affords key stakeholders an opportunity to influence digital asset policy and regulations in the coming years. Given the difficulties in adopting comprehensive legislation in this area, these administrative and regulatory changes could impact policy for decades. 9 Id. § 4(d)(i), 87 Fed. Reg. at 14146. 10 U.S. DEPARTMENT OF JUSTICE OFFICE OF PUBLIC AFFAIRS, Justice Department Announces First Director of National Cryptocurrency Enforcement Team (Feb. 17, 2022), available at https:// www.justice.gov/opa/pr/justice-department-announces-first-director-national-cryptocurrencyenforcement-team