Following a slight delay caused by the Russian-Ukraine conflict, US President Joe Biden is set to sign an executive order regulating Bitcoin this week. According to the report, Biden would work with other allies to ensure that everyone was on the same page.
The Delay of the Executive Order
Biden’s most recent executive action, which dealt with cryptocurrency regulations. The event was intended to take place the following week, but preparations were revised when Russia initiated a “special military operation” against Ukraine.
Rather of openly intervening in the crisis, the US and its Western allies adopted a different strategy, imposing a slew of sanctions on Russia, its president, billionaires, and everyone in between.
Cryptocurrencies had a part in all of these efforts. On the one hand, stories indicated that Russians (and Ukrainians) were flocking to digital assets as their national currencies plummeted in value due to increased trading volumes. On the other hand, international watchdogs have expressed worry that Russian oligarchs could use the asset class to circumvent sanctions.
While that appears doubtful, Biden has postponed signing the crypto executive order until further notice, according to Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse.
While that appears doubtful, Biden has postponed signing the crypto executive order until further notice, according to Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse.
This Week, Biden’s Executive Crypto Order?
Apart from the aforementioned involvement, cryptocurrencies played a new role in the continuing conflict between Russia and Ukraine, with digital asset donations skyrocketing in the days following the invasion. This appeared to be the first occasion that government officials requested cryptocurrency donations.
With the growing importance of digital assets, new sources claim that Biden will issue an executive order on the asset class this week. According to Reuters, the president is expected to propose a “wide-ranging monitoring of the cryptocurrency market – potentially an executive order – to deal with the growing threat of ransomware and other criminality” citing persons familiar with the situation.
In light of recent events and concerns about Russia’s participation in crypto, Biden wants to coordinate his country’s efforts with NATO partners, according to the sources.
He will also ask the Treasury, the Department of Justice, and other government departments to present a conceivable scenario for the country’s adoption of a central bank digital currency, according to them. The United States has been toying with this notion for some time but has yet to take a firm stance, whilst other countries, such as China, are far ahead.
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