Joe Biden delayed the executive order on crypto regulation because of the Russia-Ukraine conflict, but it might arrive this week.
President Joe Bide might sign the executive order on crypto regulations this week. Remember, the president had to delay the move due to geopolitical tensions in Europe. Meanwhile, sources suggest Biden would collaborate with other players to ensure a similar stance.
The Executive Order Delay
On 20 February, CryptoPotato reported the waited executive order by Biden, targeting crypto market regulations. That was to happen amid the following week. But everything changed when Russia declared a “military operation” in Ukraine.
Meanwhile, The United States and its allies from the West refrained from direct involvement, taking a different approach and ensuring massive sanctions against Russian oligarchs, Putin, and related individuals.
However, crypto had a role amid the conflict. Reports suggested that Ukrainians and Russian turned to the crypto space as their national currencies plummeted amid skyrocketing trading volumes. Meanwhile, global regulators raised concerns about Russia using the asset class to bypass the imposed sanctions.
Thought that appears unlikely, according to Coinbase executive Brian Armstrong and Brad Garlinghouse of Ripple, the US President postponed the cryptocurrency executive order signing until further notice.
Executive Order on Crypto This Week?
Besides the above developments, cryptos had a role in the current fight between Ukraine and Russia as crypto donations surged massively days following the invasion. That appeared to be the initial time government asked for cryptocurrency donations.
As the crypto saw another role, new reports say that the executive order by Biden on crypto would be this week. Reuters revealed that POTUS plans a global crypto market oversight, including the executive order, to regulate the growing concerns on cybercrimes like ransomware. Sources added that Biden wants to collaborate with NATO allies. That’s amid worries of Russian involvement with cryptocurrency.
Also, Biden might direct government agencies, including the Department of Justice and Treasury, to evaluate a potential case on how the country may adopt a CBDC. Remember, the United States had experimented with this concept for some time but remains somewhat skeptical, while countries like China are far ahead.
Editorial credit: Haditha26 / shutterstock.com