The Biden administration views the explosive popularity of cryptocurrency as a call for acting with urgency to look at the risks and benefits of digital assets.
FILE - U.S. President Joe Biden speaks in the Roosevelt Room of the White House on March 8, 2022, in Washington, D.C. is signing an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.
The action comes as lawmakers and administration officials are increasingly voicing concern that Russia may be using cryptocurrency to avoid the impact of sanctions imposed on its banks, oligarchs and oil industryPresident Joe Biden announced the U.S. is banning Russian oil imports, saying Americans will not be part of subsidizing Putin's war with Ukraine. Biden, who noted many allies may not be in a position to join the U.S.
The executive order has been widely anticipated by the finance industry, crypto traders, speculators and lawmakers who have compared the cryptocurrency market to the Wild West. Treasury Secretary Janet Yellen said last week that "many participants in the cryptocurrency networks are subjected to anti-money laundering sanctions" and that the industry is not "completely one where things can be evaded."
Katherine Dowling, general counsel for Bitwise Asset Management, a cryptocurrency asset management firm, said an executive order that provides more legal clarity on government oversight would be "a long term positive for crypto."
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