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According to reports, President Joe Biden is expected to issue an executive order this week telling government agencies to look into possible crypto regulatory reforms, as well as the national security and economic implications of digital assets.
The White House’s stance on the sector has been renewed as a result of sanctions imposed by Washington and its allies on Russia, raising speculation that corporations and people in the country may utilize cryptocurrency to circumvent the limits.
Russia is already working with China and other countries on alternatives to U.S. sanctions. And some have noted that Russia promoting an international BRICS system that would offer an alternative to SWIFT international payment settlements and even the pettro-dollar, are a big factor behind America’s animus toward Vladimir Putin.
The Biden directive would require federal departments throughout the government to report on their digital asset policies later this year, said Bloomberg news.
The Crypto industry leaders have long complained about a lack of clarity in U.S. laws.
But the wrong kinds of regulations will further dampen innovation in an important new phenomenon at a time when the world doesn’t need any more politician-led disasters.