Latest Crypto News: President Biden Orders Government Agencies To Coordinate on Crypto Regulation Strategy

Latest Crypto News: President Biden Orders Government Agencies To Coordinate on Crypto Regulation Strategy


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President Joe Biden signed an executive order on cryptocurrency last week, marking the first concrete steps by the White House to regulate digital currency. Bitcoin and Ethereum saw initial price surges following news of the executive order, but both fell back within a matter of hours.

The executive order outlines what government agencies, including the Treasury Department, need to do to develop policies and regulations on cryptocurrencies. It also calls on U.S. agencies to make sure the country’s cryptocurrency laws align with those of U.S. allies, and tasks the Financial Stability Oversight Council to investigate any illicit financial concerns. Additionally, the order puts new urgency on the possibility of a new government-issued central bank digital currency.

“Governments alone cannot solve these problems, and definitely not a government that operates in siloes. This E.O. is the product of months of work with stakeholders across government, industry, advocacy, academia, and international allies and partners – to identify actions we can take to foster responsible innovation in the digital asset ecosystem,” National Economic Council Director Brian Deese and National Security Advisor Jake Sullivan said in a statement.

The president’s new order comes as cryptocurrency has emerged as a critical element of Russia’s war against Ukraine. The war has sent 1.2 million Ukrainians fleeing since Feb. 24, and more than 2,000 Ukrainian civilians have been killed, according to the Ukrainian government. The human costs of the war are already steep, with no end in sight.


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