President Joe Biden is set to sign an executive order this week that will outline the U.S. government’s strategy for cryptocurrencies, according to several people familiar with the administration’s plans.
The order will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets, said the people, who asked not to be named discussing the deliberations. The White House’s approach to crypto has attracted fresh attention in recent weeks as Washington and its allies have levied sanctions on Russia, prompting concerns that firms and individuals there could use crypto to evade the restrictions.
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The White House declined to comment.
The order, which has been in the works since last year, will require federal agencies across the government to report later this year what they’re doing regarding digital assets, Bloomberg News has reported. Biden’s team is under pressure to play more of a coordinating role as industry executives bemoan what they say is a lack of clarity on U.S. rules.
Meanwhile, the crypto industry is facing intense scrutiny from lawmakers, including Senator Elizabeth Warren and Senate Banking Committee Chairman Sherrod Brown, over concerns that sanctioned individuals and firms in Russia may be using digital assets to bypass the sanctions. Still, some analysts and officials have questioned how effective a workaround crypto could be, given the limited size of the market.