Joe Biden is expected to sign an executive order on regulating cryptocurrency this week according to a report by Bloomberg based on anonymous sources.
JUST IN: Biden executive order on crypto is "expected to be signed by the president this week." – White House reporter at Bloomberg
— Bitcoin Magazine (@BitcoinMagazine) March 7, 2022
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.”
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