Biden to sign order regulating cryptocurrencies in the coming days

The document will define the roles of US ministries in the field of digital assets

08.03.2022 - 10:45

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What’s new? US President Joe Biden will sign an executive order to regulate digital assets by the end of this week, Bloomberg reports. According to the document, by 2023, the ministries should study the impact of cryptocurrencies on the economy and national security, as well as identify potential legislative changes. The decree will also define the roles of government agencies in regulation, from the State Department to the Department of Commerce.

Bloomberg’s material

What else is known about the executive order? The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will have the primary role in regulating cryptocurrencies. The directive also mentions the possibility of issuing a CBDC.

Why is the US issuing this decree? Biden will sign the document on short notice due to the increased government concern over the use of cryptocurrencies by Russian elites to evade Western sanctions. The United States has already stepped up its surveillance of Moscow’s actions regarding digital assets. The White House also fears the impact of the Chinese digital yuan on the US economy.

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