Vox Sentences - Biden's crypto crackdown

The White House lays out a foundation for cryptocurrency regulation; Russia advances in Ukraine but loses American brands.

Tonight's Sentences was written by Ellen Ioanes.

Biden signs order aimed at regulating crypto

Nicholas Kamm/AFP via Getty Images

• President Joe Biden signed an executive order Wednesday to review a number of issues related to cryptocurrency, including consumer and investor protection, preventing the use of cryptocurrency for illicit finance, and exploring the possibility of a US central bank-backed cryptocurrency. The move is widely seen as a precursor to government regulation of the industry. [White House]
• The order is a first step at creating “an American approach to digital assets,” as National Economic Council director Brian Deese and national security adviser Jake Sullivan said in a Wednesday statement. The order also directs an investigation into cryptocurrency’s effect on the overall financial system and mitigating inequity. [Washington Post / Tory Newmyer]
• The order takes an interconnected approach to regulation, involving a variety of different regulatory agencies, a radically different approach from preceding administrations. Up to now, according to cryptocurrency expert Louis Lehot, “We’ve seen a complete lack of any strategic direction or thought from the federal government for years.” [NYT / Katie Rogers and Ephrat Livni]
• Though the order has been in process for months, Russian President Vladimir Putin’s invasion of Ukraine added a new sense of urgency to the administration’s efforts to put up guardrails around crypto; some legislators, including Sen. Elizabeth Warren (D-MA), have expressed concern that the Russian government could exploit cryptocurrency to skirt heavy sanctions imposed on the country. Although its lack of regulation has been part of its appeal for some users, many in the industry are welcoming the clarity that government regulation will bring to an industry many liken to the "Wild West.” [AP / Fatima Hussein]
• Bitcoin prices surged by about 10 percent on news of Wednesday’s executive order, reaching just over $42,000 by Wednesday noon. While many crypto advocates were expecting Wednesday’s announcement to be one of heavy regulation, Biden’s move is “as close to an embrace of crypto as you could have hoped for from this Biden administration, if you’re pro-crypto,” according to Lee Reiners of Duke University School of Law’s Global Financial Markets Center. [WSJ / Paul Kiernan and Andrew Duehren]

Russia holds the Chernobyl nuclear plant but loses McDonald's

• City officials in the southern Ukrainian port city of Mariupol say the Russian military bombed a children’s hospital, despite an agreed-on ceasefire to allow civilian evacuations. Initial reports say 17 people were injured in the bombing, including women in labor; the Kremlin denies targeting civilian infrastructure. [Reuters / Natalia Zinets]
• Meanwhile, Russian supporters of the military invasion of Ukraine have adopted the Z symbol painted on some Russian military vehicles; it apparently comes from the Russian phrase “Za pobedu,” meaning “For victory,” and using the Romanized “Z.” It’s now emblazoned on billboards, politicians’ clothing, and advertisements in Russia. [NYT / Neil MacFarquhar]
• Russian forces hold the Chernobyl nuclear power plant and have disconnected it from the electrical grid — which is needed to cool spent nuclear material at the site. Ukrainian officials have warned that there could be radiation leakage at the site, but the International Atomic Energy Agency said on Wednesday it detected no danger due to the lack of power. [Washington Post / Adela Suliman and David L. Stern]
• Massive multinational corporations McDonald’s, Starbucks, and Coca-Cola have responded to Russia’s continued hostilities, announcing they will suspend operations there. PepsiCo and Yum Brands, which owns KFC and Pizza Hut, will also suspend some operations in Russia as the invasion continues. [CNN / Danielle Wiener-Bronner]

Congress on Tuesday approved a bill to provide the US Postal Service with $50 billion over 10 years. [AP / David Shepardson]

• Proud Boys leader Enrique Tarrio was charged with conspiracy for his role in the January 6 attacks on the US Capitol. [CNN]
• Opposition candidate Yoon Suk-yeol has been declared the winner in South Korea’s hotly contested presidential election. [Reuters / Hyonhee Shin and Josh Smith]
• Mesa County, Colorado, election clerk Tina Peters has been indicted on several charges for her role in attempting to sow doubt about the 2020 presidential election and potentially breach voting system technology. [AP / Christina A. Cassidy and James Anderson]

“Regardless of our beliefs and regardless of our stance on social and moral issues, you cannot use that as a propaganda tool to justify the Russian invasion and the slaughter of innocent people.”

[Archbishop Daniel of the Ukrainian Orthodox Church of the USA, responding to Russian Orthodox Bishop Kirill's defense of Russia's invasion into Ukraine]

Doctors can save the lives of premature infants, but the process is often painful for the babies. Luckily, a solution might be as simple as a parent’s loving touch. This is the second episode of Unexplainable's new six-part series, Making Sense, which dives into some of the most perplexing questions about our senses. [Spotify]

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