U.S. President Joe Biden is ready to sign a long-awaited executive order related to cryptocurrency regulations this week, according to a report today from Bloomberg based on anonymous sources.
According to the report, "The order will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets."
The executive order will reportedly help coordinate the role of agencies such as the Securities and Exchange Commission and Commodity Futures Trading Commission on cryptocurrency. Industry actors have long complained that guidance from the SEC and other agencies has been unhelpful as they seek to be compliant with U.S. law.
The order has been around the proverbial corner for some time. Bloomberg initially projected back in January that it might get signed in February, while Yahoo Finance reported in mid-February that President Biden was "expected to issue an executive order next week." That clearly didn't happen.
Russia's war on Ukraine has made the issue more pressing, as sanctions, central banking and cryptocurrency financing have been in the public consciousness. Instead of using military force, the United States and its allies have been fighting Russia with what the Financial Times has termed "financial warfare."
Cryptocurrency exchanges and platforms have come in for questioning from lawmakers as to how they comply with U.S. and international sanctions against Russia and Russia-occupied territories—and even face pressure to ban individual users from those jurisdictions.
Last week, Treasury Secretary Janet Yellen said the the department will "continue to look at how sanctions work and evaluate whether or note there are leakages." With regards to crypto leakages, in particular, she added: "It's not that the sector is completely one where things can be evaded."
