According to reports, Biden is expected to sign an executive order on cryptocurrency this week.

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According to Bloomberg and Reuters reports, citing people familiar with Biden’s plans, President Joe Biden is expected to sign an executive order this week summarizing the US government’s strategy for dealing with cryptocurrencies.

  • The order would direct federal agencies to consider potential regulatory changes, in addition to the national security and economic implications of cryptocurrencies, according to Bloomberg.
  • The White House has been under pressure to play a more central role in setting policies for and regulating digital assets. That pressure has only increased with the sanctions imposed against Russia for its invasion of Ukraine, and concerns that companies and individuals could use cryptocurrencies to circumvent them.
  • The White House has been working on the order since last year, and in January, reports surfaced that the order was coming soon.
  • The order will require federal agencies to report later this year on their progress with respect to dealing with digital tokens, according to Bloomberg.
  • CoinDesk has reached out to the White House to confirm the report but had not received an answer by press time.