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Wait for it: After weeks on the edge of our seats it seems U.S. president Joe Biden is finally set to sign a long-awaited executive order this week, outlining the U.S. government's crypto strategy. Yesterday, it was reported by Bloomberg the order will "direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact" cryptocurrencies, citing "people familiar with the administration’s plans." Later, Reuters reported the Biden administration crypto order will "likely to come on Wednesday."
Just following orders: The order is expected to instruct federal agencies, including Treasury, Commerce and Justice Departments as well as the National Economic Council, Council of Economic Advisers, and the White House National Security Council, to examine potential regulatory changes, as well as the national security and economic impact of cryptocurrencies.
The almighty e-dollar: It's also thought the executive order could be the first step down a long road in the creation of a digital dollar. "We could see a significant shift in policy in 180 days. This is a likely step toward creation of a central bank digital currency," Reuters' source said, citing "significant momentum behind such a move within the Biden administration." The Federal Reserve issued a paper in January that explores the risks and benefits of a digital dollar.
An opportune moment: The administration is preparing the order at a time of heightened concern about the use of cryptocurrencies by those sanctioned by Western powers in response to Russia's invasion of Ukraine. The Financial Crimes Enforcement Network (FinCEN) has warned financial institutions to watch out for potential attempts by wealthy Russians to sidestep sanctions. Last week, four U.S. lawmakers led by influential senator Elizabeth Warren wrote to the Treasury Department expressing concern about how cryptocurrencies could be used to evade sanctions on Russia.
But but but... One of the senate’s most powerful Democrats has warned his colleagues against cracking down too hard on the booming cryptocurrency industry, likening it to the internet in its infancy, it was reported by the Financial Times. "There is obviously a debate [about stricter regulation] but I want to be on the side of the innovator," Ron Wyden, chair of the Senate finance committee and one of the architects of U.S. internet regulation, told the newspaper. "When I think about crypto I think about remittances, or somebody who has a kid 1,000 miles away and wants to get them help in an emergency, rather than going through scores of banks, credit card companies."
Californication: California bitcoiners, who last month introduced a bill to establish bitcoin as legal tender in the state, are willing to go "up against the U.S. Constitution," it's been reported by Blockworks, with bitcoin advocate Dennis Porter, who is working to advance the bill, saying "if we have to, we’ll go to an Article V and we’ll rewrite the Constitution."
In the rest of the world: Global financial hubs are divided on encouraging access to disruptive virtual assets, it was yesterday reported by the Financial Times, with the U.S. falling behind more experimental regulatory approaches in South America, Europe and Asia.
Now read this: This Texas town was deep in debt from a devastating winter storm. Then a crypto miner came knocking
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