US President Joe Biden is to sign an order on cryptocurrency this week, according to White House officials. The executive order will show how the United States intends to regulate digital assets.
According to sources familiar with the matter, the executive order will direct US federal agencies to investigate the risks and potential associated with digital currencies. The reports come as the United States and several other major economies across the world tighten sanctions against Russia.
According to Bloomberg, the US is concerned about Russian individuals and groups who may utilize cryptocurrencies to dodge international sanctions.
“The long-awaited Biden executive order on cryptocurrencies”
“— outlining the admin’s view of digital assets and directing a further study of economic,”
“regulatory, and national security issues is finally expected to be signed by the president this week,”
So, Jennifer Epstein, the White House reporter at Bloomberg says.
Kayla Tausche who is the White House anchor at CNBC also confirms the report. “Biden administration will release its long-awaited crypto EO by mid-week,”
“aiming to coordinate policy-making for digital assets among various agencies,”
” expected to report back over the next 3-6 months, an admin official says,”
So, she says.
Since September of last year, the Federal Reserve has been weighing the advantages and disadvantages of a dollar-pegged central bank digital currency (CBDC). On January 20, it produced a report titled “Money and Payments: The US Dollar in the Age of Digital Transformation,” which outlined some of the risks and benefits of a CBDC.
The Fed, on the other hand, is still considering options and has not reached a determination.
Senators Sherrod Brown of the Senate Banking Committee and Elizabeth Warren of the Senate Banking Committee are among those studying various characteristics of the asset class that might be exploited to avoid punishment.
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