Due to the increasing tension in Europe, Joe Biden had to postpone his executive order on cryptocurrency restrictions, but it can be expected this week.
Following a slight delay caused by the Russian-Ukraine conflict, US President Joe Biden is all set to sign an executive order regulating Bitcoin this week. According to the report, Biden would work with other allies to ensure that everyone was on the same page.
Why The Executive Order Got Postponed?
There is apprehension around Biden’s most recent executive action dealing with cryptocurrency rules. The event was intended to take place the next week but got revised when Russia initiated a “special military operation” against Ukraine.
Rather than openly intervening in the crisis, the US and its Western allies adopted a different strategy, imposing a slew of sanctions on Russia, its president, billionaires, and everyone in between.
Cryptocurrencies had a part in all of these efforts. On one hand, stories indicated that Russians (and Ukrainians) were increasingly gravitating towards digital assets as the national currencies plummeted in value due to increased trade volumes. And On the other, international watchdogs have expressed concern that Russian oligarchs may use the asset class to circumvent sanctions.
While that appears doubtful, Biden has postponed signing the crypto executive order until further notice, according to Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse.
Will Biden’s Executive Crypto Order Happen This Week?
Apart from the aforementioned involvement, cryptocurrencies played a new role in the continuing conflict between Russia and Ukraine, with digital asset contributions skyrocketing in the days following the invasion. This appeared to be the first occasion that government officials requested cryptocurrency donations.
With the rising importance of digital assets, recent sources claim that Biden will issue an executive order on the asset class this week. According to Reuters, the president is likely to propose a “wide-ranging monitoring of the cryptocurrency market – potentially an executive order – to cope with the rising danger of ransomware and other criminality,” citing persons familiar with the situation.
In light of recent events and concerns about Russia’s participation in crypto, Biden wants to coordinate his country’s efforts with NATO partners, according to the sources.
He will also ask the Treasury, the Department of Justice and other government departments to present a conceivable scenario for the country’s adoption of a central bank digital currency, according to them. The United States has been toying with this notion for some time but is yet to take a firm stance on the same, whilst other countries, such as China, are well ahead.