According to those familiar with the administration’s preparations, President Joe Biden is expected to issue an executive order this week outlining the US government’s cryptocurrency strategy.
According to the sources familiar with the discussions, the order will urge federal agencies to look into potential regulatory reforms, as well as the national security and economic implications of digital assets. After the United States and its allies imposed sanctions on Russia, there was worry that organisations and individuals could utilise crypto to circumvent the restrictions.
For quite some time, the order has been around the proverbial corner. President Biden was “expected to issue an executive order next week,” according to Yahoo Finance in mid-February. Clearly, this did not occur.
The issue has become more urgent as a result of Russia’s conflict on Ukraine, which has raised public awareness of sanctions, central banking, and cryptocurrency financing. Instead of deploying military force, the US and its allies have waged “financial warfare” against Russia, according to the Financial Times.
On Monday, Him Das, the acting director of the Treasury’s Financial Crimes Enforcement Network, spoke about the matter. “While we have not witnessed widespread evasion of our sanctions utilising means such as cryptocurrencies,” he stated in a news release, “early reporting of suspicious conduct adds to our national security and our efforts to protect Ukraine and its people.”