President BidenJoe Biden ‘Batman’ scene slammed for depicting subway attack on Asian man GAO says 114 Capitol police officers reported injuries Jan. 6 Trump calls Barr a ‘Bushie’ who went the other way PLUS side is reportedly set to sign a cryptocurrency executive order this week that will direct several federal agencies to investigate and develop policies and regulations on digital currencies.
The order is expected to be signed on Wednesday, according to Reuters, and would be the White House’s first step toward regulating cryptocurrency.
It will outline what federal agencies, including the Treasury, State, and Commerce Departments, should do to develop regulations and policies in the cryptocurrency market, according to The Associated Press.
The order will direct the State Department to ensure that U.S. cryptocurrency laws align with those of U.S. allies, the AP reported. He would also have instructed the Financial Stability Oversight Board, which identifies risks to the country’s financial stability, to investigate any financial issues.
And it will ask the Justice Department to consider whether new legislation is needed to create a new currency, according to Reuters, with the Consumer Financial Protection Bureau and other agencies studying the impact on consumers.
The order comes amid concerns over whether Russia could use cryptocurrency to circumvent crippling US sanctions issued in response to its invasion of Ukraine.
“We will continue to review the operation of the sanctions and assess whether or not there are any leaks of cash and we have the opportunity to address them,” the Treasury Secretary said. Janet YellenJanet YellenThe Hill’s Morning Report – Presented by Emergent BioSolutions – Ukraine aid and Russian oil top Congress’ to-do list said last week, according to the AP. “I often hear about cryptocurrency and this is a channel to watch.”
On Monday, the Financial Crimes Enforcement Network advised in a statement to “all financial institutions to be vigilant against potential efforts to evade expansive sanctions and other restrictions imposed by the United States” in connection with Russia’s war. against Ukraine.
“While we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people,” acting director Him Das said.