U.S. President Joe Biden is ready to sign a long-awaited executive order related to cryptocurrency regulations this week, according to a report today from Bloomberg based on anonymous sources.
According to the report, “The order will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets.”
It comes as cryptocurrency exchanges and platforms attempt to comply with U.S. and international sanctions against Russia and Russia-occupied territories—and even face pressure to ban individual users from those jurisdictions.
But the executive order pre-dates the Russian invasion of Ukraine and will reportedly help coordinate the role of agencies such as the Securities and Exchange Commission and Commodity Futures Trading Commission on cryptocurrency. Industry actors have long complained that guidance from the SEC and other agencies has been unhelpful as they seek to be compliant.