President of the United States Joe Biden is ready to sign the government’s strategy on cryptocurrency regulation, Bloomberg reported. The executive order also directs the Department of Justice, the Treasury, and other agencies to study the legal and economic repercussions of the planned U.S. central bank digital currency.
“The order will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets,”
claimed unnamed sources familiar with the administration’s plans.
The White House approximated the decision to regulate digital assets with the imposed sanctions on Russia, as the country’s individuals and entities could aim to bypass restrictions through the use of cryptocurrency. Last year, the White House considered establishing control over the crypto market to manage the growing number of cyber crime cases.
Lawmakers, including Senator Elizabeth Warren and Senate Banking Committee Chairman Sherrod Brown, are currently scrutinizing the crypto industry to determine whether sanctioned entities in Russia are using cryptocurrency to evade sanctions.
On the Flipside
- Last week, Hillary Clinton encouraged the Biden administration to regulate cryptocurrencies.