Joe Biden is set to sign an executive order that will begin the process of regulating the trading of cryptocurrency, as crypto becomes a viable alternative for Russians seeking to avoid the impact of economic sanctions.
According to ABC News, at least two anonymous Biden Administration officials said that the order will be issued this week, and has allegedly been in the planning stage since before the Russian invasion of Ukraine in late February. The order will outline the various steps that government agencies, including the Treasury Department, are to take to begin the process of imposing regulations on the buying and selling of digital currencies.
Russia’s financial markets remain closed Wednesday for the third day in a row as the country’s economy continues to take massive hits caused by Ukraine-related sanctions from Western countries.
The closure of the Russian exchanges is the longest since since 1998, according to Bloomberg News.
Representative Mark Green (R-TN-07) introduced a bill Wednesday to sanction Russia for their invasion of the Donbas region of Ukraine.
If enacted, the Restraining Russian Imperialism Act would instruct the Biden administration to impose sanctions if Russia does not completely withdraw from the region within a year.
President Joe Biden will reportedly keep a rule proposed by the previous administration that would allow government officials to stop some Chinese technology transactions, The Wall Street Journal reported Friday.
Biden will allow the Commerce Department to impose the rule even as his administration continues its broad review of former President Donald Trump’s outstanding executive orders related to China, people familiar with the matter told The Wall Street Journal.