President Joe Biden is soon set to sign an executive order on cryptocurrency, multiple reports claimed this week.
According toBloomberg, the order—which the publication’s sources said is expected to be signed by Biden this week—will see federal agencies being directed to examine possible regulatory changes in the crypto space. Notably, the order has been “in the works” since 2021.
Meanwhile, sources cited in a separate Associated Press report also noted that the order had been in the works “long before the war,” despite recent concerns from some over what critics speculated is Russia’s potential use of crypto to avoid sanctions brought on by the Ukraine invasion.
Also mentioned amid talks of the executive order is the potential for a new U.S. central bank digital currency, with AP stating Monday that the order would see this possibility being further explored after the Federal Reserve’s January release of a discussion paper examining the pros and cons.
Complex has reached out to the White House for additional comment and will update this post accordingly. Per another report from Reuters, the order could come as soon as Wednesday. That report also cautions that any research spurred by the order may not result in immediate policy shifts and could instead result in agencies arguing that certain movies (i.e. a central bank digital currency) could need the approval of Congress.
Of course, the topic of crypto regulations has been a consistent one throughout the Biden-Harris administration’s tenure. In March 2021, for example, cautious optimism was being expressed by some regarding the administration’s apparent enlisting of individuals who—in the words of Coin Center director Jerry Brito—were “knowledgeable” in the crypto space.
“That could tell you they are getting deep knowledge to regulate it heavily or, more likely, it’s now seen as an important part of the economy and finance,” Brito told TechCrunch at the time.
