Biden to sign cryptocurrency strategy order as firms face sanctions pressure

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(Bloomberg) — President Joe Biden is set to sign an executive order this week that will outline the U.S. government’s strategy for cryptocurrencies, according to people familiar with the administration’s plans.The order will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets, said the people, who asked not to be named discussing the deliberations. The White House’s approach to crypto has attracted fresh attention in recent weeks after the U.S. and its allies levied sanctions on Russia, prompting concerns that organizations and individuals could use crypto to evade the restrictions.The White House declined to comment.

The Biden administration is under pressure to play more of a coordinating role in Washington’s approach to the asset class, as industry executives bemoan what they say is a lack of clarity on rules. 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, Bloomberg News has reported. The plan is expected to begin carving out roles for agencies across the government, from the State Department to the Commerce Department.