Biden Plans To Sign Executive Order On Crypto This Week

According to reports, the Biden administration is planning to sign and release an executive order on cryptocurrencies this week.

Reports from Bloomberg and Reuters cite sources according to which, President Joe Biden is set to sign an executive order this week summarizing the U.S. government’s strategy for dealing with cryptocurrencies.

The order will instruct federal government agencies investigate topics related to cryptocurrency and form a holistic framework for a regulatory approach. Those topics include the possible regulatory changes, security impact, and economic impacts that might result from the adoption of cryptocurrency. The report will also require those agencies to report activities related to digital assets to the federal government.

The White House has been under pressure to play a more central role in setting policies for and regulating digital assets. That pressure has only increased with the sanctions imposed against Russia for its invasion of Ukraine, and concerns that companies and individuals could use cryptocurrencies to circumvent them.

The White House has been working on the order since last year, and in January, reports surfaced that the order was coming soon.

The order will require federal agencies to report later this year on their progress with respect to dealing with digital tokens, according to Bloomberg.

Several key figures from the government have independently commented on the state of crypto regulations. Senate Finance Committee Chairman Ron Wyden said that he opposed harsh crypto regulations.

Senator Elizabeth Warren and Senate Banking Committee Chairman Sherrod Brown have expressed concerns that cryptocurrency could be used to evade Russian sanctions and questioned whether current regulations can prevent that problem.