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Crypto Executive Order Signed by President Joe Biden

Biden Crypto Strategy and U.S. Digital Currency Approach

Biden Crypto, news has emerged in the last 24 hours, indicating that President Joe Biden is expected to sign an executive order this week on the U.S. government’s strategy and approach for digital currencies. The executive order, in development since 2021, aims to outline regulations, assess national security risks, and evaluate economic impacts. It will detail the procedures government agencies, such as the Treasury Department, will follow to formulate specific cryptocurrency policies and regulations.

 

Jose Biden Crypto Executive order signing
WASHINGTON, DC – DECEMBER 13: U.S. President Joe Biden signs an executive order related to government services in the Oval Office of the White House December 13, 2021 in Washington, DC. The executive order seeks to streamline and modernize a wide array of government services, including claiming retirement benefits, renewing passports, and filing taxes. (Photo by Drew Angerer/Getty Images)

 

It is anticipated that the executive order will request for the State Department to ensure that the laws proposed for digital currencies are aligned with those of U.S. allies. This extends to requesting the Financial Stability Oversight Council, which monitors the U.S. financial system and associated illicit finance concerns. 

 

It is also expected that the possibility of a new central bank digital currency will be floated, following the Federal Reserve’s release of a paper in January that explored the advantages and disadvantages of a U.S. backed digital currency.  A source detailed “we could see a significant shift in policy in 180-days. This is a likely step toward the creation of a central bank digital currency”. 

 

Additionally, recent attention has been placed on the U.S. government’s and President Joe Biden’s approach to cryptocurrency as The White House and its allies have placed heavy economic sanctions on Russia, subsequently prompting concerns that government officials, firms and individuals there could use cryptocurrency to bypass the sanctions.

 

The Treasury’s Financial Crimes Enforcement Network,by President Joe Biden’s order, did issue alerts advising financial institutions to be on the lookout for any efforts of Russian entities evading sanctions in connection with the current war. Acting Director Him Das stated “although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people”. 

 

Putin sitting with bitcoin image on his right

 

Furthermore, new sanction targets are expected to be put in place in the coming weeks to counter Russian sanction evasion efforts.

 

The order will set an 180-day deadline for a series of reports on “the future of money” and the role blockchain technology and cryptocurrencies can play in the evolving landscape.

 

It will remain a very interesting sticking point to see both the impact of the impending further sanctions and the executive order on regulation and the wider cryptocurrency market.

As the U.S. government refines its approach to digital currencies under President Biden’s latest executive order, staying informed and prepared is crucial for cryptocurrency enthusiasts and miners.

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