Biden to Sign Crypto Order as Industry Faces Sanctions Pressure

The order will urge federal agencies to look into potential regulatory reforms, as well as the national security and economic implications of digital assets. The White House's attitude to cryptocurrency has received renewed attention in recent weeks as a result of sanctions imposed by Washington and its allies on Russia, raising concerns that corporations and individuals in the country could utilize cryptocurrency to circumvent the limits.

The order, which has been in the works since last year, would require federal departments across the board to report on their digital asset policies later this year. Industry leaders complain about a lack of clarity on US laws, putting pressure on Biden's staff to play a greater coordinating role.

Meanwhile, lawmakers such as Senator Elizabeth Warren and Senate Banking Committee Chairman Sherrod Brown are closely scrutinizing the crypto industry, citing worries that sanctioned persons and firms in Russia may be exploiting digital assets to circumvent sanctions. Nonetheless, given the small scale of the market, several researchers and officials have questioned how successful workaround crypto could be.