US presidential order to boost crypto regulation

US President Joe Biden is set to sign an executive order this week that will set a direction for the development and regulation of cryptocurrencies.

The president is about to enable a number of federal agencies to come together and work on a possible direction and national strategy for cryptocurrencies, services and stablecoins.

This comes on the tail of the news that the European Parliament will be voting on a similar measure that should offer some regulatory foundation for cryptocurrencies in the European Union.

The executive order was expected last week, but the White House delayed the action because of the war in Ukraine.

Thanks to this order, federal agencies will begin examining potential regulatory changes that need to be made to create a sustainable cryptocurrency industry.

Federal agencies will also begin to ponder the implications for national security and the anticipated economic impact on the US should crypto be allowed to become a more permanent part of finance.

This comes in the context of fresh sanctions against Russia over its illegal invasion of Ukraine, which prompted the most stringent financial penalties issued to a modern economy.

One of the priorities for all federal agencies now will be to ensure that Russia is not using digital currencies to skirt sanctions.

This idea has been dismissed altogether by several industry observers. At the same time, Senator Elizabeth Warren and Senate Banking Committee chairman Sherrod Brown continue to monitor the industry and offer objections to specific practices.

The crypto industry in the US is facing strong headwinds but it has also got some breaks in places such as Wyoming, Florida and New York.

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Updated: 03/09/2022 — 18:00