Bloomberg: Biden to sign executive order on cryptocurrency regulation this week

U.S. President Joe Biden will sign an executive order regulating digital assets, according to people familiar with the matter cited by Bloomberg.

The document would require federal agencies by the end of the year to study potential changes to the regulatory framework, and the impact of cryptocurrencies on national security and the economy.

In particular, coordination of work SEC and CFTC, as well as defining roles for government agencies—from the State Department to the Department of Commerce. According to Bloomberg, the directive may include a mention of considering the possibility of issuing a CBDC.

The White House is urged to play a coordinating role in shaping the government’s approach to this new asset class amid regulatory uncertainty.

The war in Ukraine has raised concerns that organisations and individuals may use digital assets to circumvent sanctions on Russia.

Earlier Barron’s reported that the White House was preparing an executive action on cryptocurrencies. Bloomberg had previously warned that the document would be announced in February.

Earlier, the agency said that the Biden administration asked cryptocurrency exchanges to help prevent the use of cryptocurrencies to circumvent sanctions on Russia.

In March, U.S. Treasury Secretary Janet Yellen pledged to strengthen monitoring of the sanctions regime.

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