US President Joe Biden is expected to sign an executive order on cryptocurrency this week, marking the first step toward regulating the digital currency. Credit: Gage Skidmore, via Wikimedia Commons/CC BY-SA 2.0US President Joe Biden is expected to sign an executive order on cryptocurrency this week, marking the first step toward regulating the digital currency.
The move comes as administration officials have raised concerns about Russia’s use of cryptocurrency to evade sanctions issued in response to its invasion of Ukraine.
Two people familiar with the process told the Associated Press the executive order on cryptocurrency was expected to be issued this week. It had been in the works long before the war, but the war makes it more urgent.
Biden’s cryptocurrency regulation executive order
The order is expected to describe what government agencies, including the Treasury Department, need to do in order to develop policies and regulations on digital currencies. Expected in the order is a request for the State Department to ensure American cryptocurrency laws are aligned with those of US allies. It will also ask the Financial Stability Oversight Council, which monitors the stability of the US financial system, to study illicit finance concerns.
