Here it comes… President Joe Biden is about to sign a crypto executive order
U.S. government regulations for cryptocurrencies have been on the agenda for a while now. News has broken that President Joe Biden will sign an executive order this week to that effect.
According to a report on Al Jazeera, the order will detail a raft of potential regulatory changes to federal agencies. It will also be focused on both the national security and economic impact of digital assets. This comes at a time when several policymakers have expressed concern about the potential for crypto to bypass sanctions in Russia.
To date, the American government has been reticent to take a position on crypto, and digital currencies have largely flourished there as a result. As the largest economy and one of the most technologically advanced, America’s position on crypto was always going to be of interest, and it can be expected that whatever recommendations the government make will be followed closely by many other markets.
At this stage, we don’t have an inkling of what to expect from the executive order. However we do know that the Government has been mulling its own digital currency, and more broadly executives and lobbyists from a broad cross-section of the community have been frustrated with the lack of clarity regarding what regulation is on the horizon. This executive order will likely make that clear to all.