The President of the United States, Joe Biden, ordered the writing of more than a dozen reports when he published his Executive Order (EO) 14067 “Ensuring the responsible development of digital assets”. Five had a 90-day delivery date, and the last three were released simultaneously by the Treasury Department on September 16. The reports were prepared in response to the instructions in sections 4, 5 and 7 of the EO.
The report commissioned in section 4 of the OE is entitled “The future of money and payments”. The report examines the various payment systems currently in use that are operated by the Federal Reserve or the Clearing House, which is owned by a group of large banks. These will be complemented by the non-blockchain-based instant payment system FedNow Service, which is expected to go live in 2023.
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The stablecoins are presented together with FedNow under the title “Recent Innovations in Money and Payments”. They are the subject of a somewhat brief debate in which the possible deficits in reliability and capacity to combat money laundering and the financing of terrorism (AML/CFT) are examined, on which it is concluded.