Payments

Biden to sign executive order on cryptocurrency

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March 9, 2022

President Joe Biden plans to sign an executive order later this week to bring federal oversight into cryptocurrencies. This comes in the wake of concerns about Russia using cryptocurrency to get around sanctions, according to a report by The Wall Street Journal.

As part of the order, the Treasury, Commerce, State and Justice Departments will conduct a review for three to six months and then provide recommendations for how the federal government should approach cryptocurrency. The agencies will also explore the possibilities around a U.S. digital currency.

The Treasury Department in particular will look at whether cryptocurrencies can cause issues with financial stability.