Bloomberg reports the new order will set the tone and posture of the U.S. government’s approach to regulation of the cryptocurrency industry, with a particular focus on sanctions enforcement.
The executive order will instruct agencies of the federal government to study potential alterations to the current regulatory landscape.
Additioanally, the new order will examine the impact of cryptocurrencuies on American national security.
The Biden administration has placed strong emphasis on cryptocurrencies in light of the Russian invasion of Ukraine and the heavy sanctions that have been applied on Russia as a result.
There are concerns that Russian oligarchs under sanctions may be using crypto to bypass the sanctions.
In related news, the largest U.S. crypto exchange, Coinbase, announced today it has blocked 25,000 crypto addresses connected to Russian citizens engaging in offenses, "Once we identified these addresses, we shared them with the government to further support sanctions enforcement." said Coinbase on their blog.
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