Throughout its history, the U.S. has been a leader in innovation and building systems for the next generation. Whether launching the space program or building the Internet, U.S. technological initiatives are typically undertaken through a series of partnerships between the private and public sectors. These endeavors incorporate and reflect longstanding U.S. values of economic stability, technological innovation, individual liberty and privacy, free enterprise, and the rule of law.

A new technological age is unfolding, bringing with it the digitization of things of value that can be tokenized, programmable, and decentralized. Across the globe, governments and private entities are experimenting with tokenized commodities, contracts, legal titles and, most critically, commercial and central bank digital currencies. This wave of digital currency innovation is still gaining momentum. The questions for the U.S. are what role it will play in this innovation and to what degree will its core values be brought to bear.

We see a critical opportunity for the U.S. to be a leader in advancing digital currency innovations, which would help to ensure that our democratic values are sustained and enshrined in the future of money. We encourage the public and private sectors to collaborate and explore appropriate solutions in key areas of concern in the future of digital money to the American public, such as privacy, cyber resilience, financial inclusion, and interoperability.