President Joe Biden will sign an executive order this week to task federal agencies with assessing the risks and opportunities that Bitcoin and cryptocurrencies bring to the U.S. and outline the government’s strategy for the market’s regulation, reported Bloomberg.
The order will direct federal agencies to examine potential regulatory changes and the national security and economic impact of Bitcoin and cryptocurrency, people familiar with the administration’s plans told Bloomberg.
“The executive 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 tokens,” per the report. “The plan is expected to begin carving out roles for agencies across the government, from the State Department to the Commerce Department.”
Regulatory efforts would also involve the Treasury Department, National Economic Council, Council of Economic Advisers, and the White House National Security Council.
Bitcoin has risen to the spotlight since the U.S. and its allies began imposing restrictions on Russia in a push to isolate the country’s economy and suppress its abilities to continue marching forward in its Ukraine invasion. Despite being a tangible alternative to Russian citizens who may now find themselves unable to send and receive money freely, Bitcoin is likely unable to equally help the nation bypass Western sanctions altogether.
However, U.S. lawmakers have expressed concerns regarding such a possibility, including Senator Elizabeth Warren, who sent a letter to the Treasury Department inquiring about its plans to combat an eventual Russian usage of Bitcoin and cryptocurrency.
