President Joe Biden is anticipating signing an executive order on crypto this week that will mark the initial step towards regulating how digital currency is traded. The stance comes as admin officials have raised issues in recent weeks about Russia’s use of crypto to escape the impact of crushing sanctions in response to its invasion of Ukraine. The sanctions have sent the ruble to recorded lows and have closed the nation’s stock market.
Two people aware of the process said that the executive order on crypto was anticipated to be issued this week and it had been in the week-long before the war. Both the people spoke on the condition of anonymity to preview the order.
The order is supposed to define what government agencies, including the Treasury Department, are required to do to develop regulations and policies on digital currencies. It is anticipated to include a request for the State Department to guarantee that American crypto laws are aligned with those of U.S. allies and will ask the Financial Stability Oversight Council monitoring the stability of the United States financial system – to study unlawful finance issues.