President BidenJoe Biden'Batman' scene criticized for portraying attack on Asian man on subway GAO Says 114 Capitol Police Officers Reported Injuries Jan. 6 Trump calls Barr a 'bushie' who went over to the other side PLUS He is reportedly set to sign an executive order on cryptocurrencies this week that will direct various federal agencies to investigate and develop policies and regulations on digital currencies.
The order is likely to be signed on Wednesday, according to Reutersand it would be the first step of the White House towards the regulation of cryptocurrencies.
It will reportedly outline what federal agencies, including the Treasury, State, and Commerce departments, must do to develop regulations and policies in the cryptocurrency market, according to The Associated Press.
The order will ask the State Department to ensure that US cryptocurrency laws align with those of US allies, the AP reported. It will also reportedly task the Financial Stability Oversight Board, which identifies risks to the country's financial stability, to investigate any financial concerns.
And it will ask the Justice Department to investigate whether a new law is needed to create a new currency, according to Reuters, with the Consumer Financial Protection Bureau and other agencies studying the impact on the consumer.
The order arrives in the middle concerns about whether Russia could use cryptocurrencies to circumvent crushing US sanctions issued in response to its invasion of Ukraine.
"We will continue to see how the sanctions work and assess whether or not there are liquid leaks and we have the possibility of addressing them," said the Secretary of the Treasury. Janet Yellen
Janet YellenThe Hill's Morning Report - Presented by Emergent BioSolutions - Aid to Ukraine and Russian Oil Top Congress's To-Do List The IMF must ensure that Russia cannot access its financial lifeline White House to sanction Putin for Ukraine invasion PLUS he said last week, according to AP. "I often hear mention of cryptocurrencies and that is a channel to be seen."
On Monday, the Financial Crimes Enforcement Network in a sentence he advised "all financial institutions to be vigilant about possible efforts to evade the expansive sanctions and other restrictions imposed by the United States" in relation to Russia's war against Ukraine.
โAlthough we have not seen widespread evasion of our sanctions using methods such as cryptocurrencies, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people,โ Acting Director Him Das said.
