Stellar Development Foundation Responds to “Digital Assets Research and Development” RFI from the White House Office of Science and Technology Policy

Last week, the Stellar Development Foundation submitted a letter in response to a Request for Information (RFI) from the White House Office of Science and Technology (OSTP) on priorities for research and development related to digital assets. As we explain in the letter, digital assets have the potential to fundamentally transform how people across the world think about and use money, and to expand access to fast, affordable, and transparent financial services for all. At the Stellar Development Foundation, we believe the U.S. government can – and should – play a critical role in shaping the evolution of this emerging and complex field. Through targeted research and development, the United States has the ability to ensure financial stability and consumer protection, promote responsible innovation, and advance U.S. competitiveness.

Our letter focuses on two areas for further research and development – software interoperability and novel forms of programmability:

• Software Interoperability: We urge the U.S. government to prioritize interoperability among digital assets, including through the development of common standards that allow systems to freely interact with one another. Interoperability among technology products and platforms – including in the digital assets space – benefits the public interest by promoting competition and innovation and by laying the groundwork for a truly open and accessible financial system. The government should explore technical and standard-setting measures to foster interoperability among digital assets, as well as between digital assets and traditional financial infrastructure.
• Programmability of Digital Assets: One of the unique benefits of digital assets, whether created by a private issuer or a public entity, is that they can offer novel forms of programmability that are not feasible with traditional physical assets or existing forms of fiat currency. We therefore strongly encourage OSTP and other relevant federal agencies and departments to explore – including through hands-on experimentation and pilot projects – how programmable digital assets could help advance U.S. interests and policy priorities, particularly around cash assistance and other social benefits.

The Stellar Development Foundation appreciates the opportunity to contribute our perspective in this interagency process and looks forward to continued collaboration with U.S. policymakers and regulators to support the growth and development of the digital assets industry.To read our response to the RFI, which includes the specific steps we recommend OSTP and other U.S. government agencies and departments should take, click here.