Biden’s executive crypto order can change massively due to the war in Ukraine and it even got slightly delayed because of it. However, it is expected to arrive this week so let’s read further In our cryptocurrency news.
After a delay caused by the war between Ukraine and Russia, US president Biden is expected to sign the executive order about crypto regulations and the sources said that Biden will cooperate with other allies to ensure that they are on the same page. The reports show that the anticipation in regards to Biden’s executive order concerned the regulations in the crypto space and it was supposed to occur in the following week but the plan changed when Russia attacked Ukraine.
Instead of getting involved militarily in the conflict, the US and the Western allies decided to take another approach and only impose sanctions against Russia, its oligarchs, and the governemnt. Amid the measures came the role of crypto. On the one hand, the reports claimed that Russians turned to crypto while their national currencies crashed as volumes surged. On the other hand, the global watchdogs raised concerns that the Russian oligarchs will use crypto to bypass the sanctions.
While this seems highly unlikely according to Ripple and coinbase CEOs, Biden postponed the signing of the executive order until further notice. Biden’s executive order can change now but aside from the aforementioned participation, cryptocurrencies are taking another role in the ongoing war between Russia and Ukraine as the crypto donations surged days after the invasion. This seemed to be the first time that government officials ask for crypto donations.
With the growing role of crypto, new reports emerge saying that Biden’s executive order on the asset will be this week. Citing sources familiar with the matter, the POTUS is also expected to propose a ranging oversight for the crypto market like an executive order to deal with the threats of ransomware and cybercrime.
With the events and concerns about Russia getting involved in crypto, Biden wants to coordinate the country’s actions with the NATO allies. They also said that he will direct the Treasury and the DOJ to outline a scenario on how the nation can adopt a central bank digital currency.