US President to Sign Executive Order This Week on Crypto Trading Regulations

US President Joe Biden is expected to sign an executive order this week toward regulating crypto trading in the country.

Interestingly, the move is coming amid the ongoing wave of financial sanctions slapped against Russia. After incurring debilitating sanctions for invading Ukraine, Russia has seen its native currency, the ruble, crash over the last several days. As a result, many citizens, especially pro-government oligarchs, are reportedly resorting to digital currencies to preserve their assets. Perhaps more crucially, these individuals are also using crypto to evade or limit the impact of the heavy sanctions imposed, according to US government officials.

Presently, inside sources suggest that Biden’s imminent executive order on crypto was in the works long before the war in eastern Europe began. The order will serve as a guidepost for government agencies, including the Treasury Department, on how to develop policies and regulations around crypto. In addition, it will also include a request for the State Department to ensure that American crypto laws align with those of the country’s allies. Furthermore, the President’s executive order will instruct the Financial Stability Oversight Council to look into illegal finance issues. Presently, the FSOC is responsible for monitoring the stability of the financial system in the US.

Lastly, the order will also examine the feasibility of a new central bank digital currency in America. The Fed previously touched on this, issuing a paperback in January, which provided insight into the risks and benefits of dollar-denominated digital currencies.

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