AP sources: Biden to issue executive order on cryptocurrency https://apnews.com/article/russia-u...ogy-business-09760647fcae7fb0f791eeb84fc4f80a WASHINGTON (AP) — President Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded. The move comes as administration officials have raised concerns in recent weeks about Russia’s use of cryptocurrency to evade the impact of crushing sanctions in response to its invasion of Ukraine. The sanctions have sent the ruble to historic lows and have closed the country’s stock market. Two people familiar with the process said the executive order on cryptocurrency was expected to be issued this week and it had been in the works long before the war. Both people spoke on condition of anonymity to preview the order. The order is expected to describe what government agencies, including the Treasury Department, need to do to develop policies and regulations on digital currencies. It is expected to include a request for the State Department to ensure that American cryptocurrency laws are aligned with those of U.S. allies and will ask the Financial Stability Oversight Council — which monitors the stability of the U.S. financial system — to study illicit finance concerns. Additionally, the order will explore the possibility of a new central bank digital currency. The Federal Reserve issued a paper on the topic in January that explores the risks and benefits of U.S.-backed digital currency. Implicit in the order will be that cryptocurrency will remain a part of the U.S. economy for years to come. The White House’s plans to move forward with the executive order were first reported by Bloomberg News. While U.S. officials have played down the significance of cryptocurrency to Russia’s ability to evade sanctions, it remains a concern. “We will continue to look at how the sanctions work and evaluate whether or not there are liquid leakages and we have the possibility to address them. I often hear cryptocurrency mentioned and that is a channel to be watched,” Treasury Secretary Janet Yellen said last week. A senior administration official who spoke on condition of anonymity said the president’s national security team has already been on the lookout for the use and creation of front companies and alternative financial institutions that Moscow might try to employ to get around sanctions. Crypto is one of several spaces that the Biden administration is looking to shore up as it tries to make certain that sanctions on Russia have maximum impact. The official said past experiences in Iran and Venezuela with sanctions evasion are informing the administration’s efforts. Additional export controls and new sanction targets are also expected to be unveiled in the days and weeks ahead to counter Russian sanction evasion efforts, the official said. On Monday, Treasury’s Financial Crimes Enforcement Network issued an alert advising financial institutions to be “vigilant” against any efforts to evade sanctions in connection with Russia’s war in Ukraine. “Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people,” acting Director Him Das said in a statement.
Yep. The alert might as well have said "Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our citizens having fewer options to profit outside our fiat system, and allows us more power and control of them...which is always the goal, of course." Muh, national security!
Crypto promoters should be be shot. Nothing but hyped up obfuscated ponzi scheme which is environmentally destructive
Actually it's programmed, useful idiots like yourself that end up getting shot. But you obviously know about as much about history as you do the entire defi/crypto market.
Ah, some history blowhard , you don't know me but my IQ is orders or magnitude greater than yours. Better to be a useful idiot than a useless idiot like yourself. Go trying buying bread when you can't get your dumb little tokens off your phone cause the power went out and the exchange lost your "coins"
LOL, are you trolling or are you really that stupid? At least you admit you're a useful idiot--a programed sheep who parrots what he hears like a 4-year old. Guess what? There have been a lot more scams in the stock market than in cryptos. And there have been a lot more scams involving fiat. You simply have no clue what you're talking about.
Anyone who claims that their IQ is higher than someone else's IQ has a low IQ, because people with high IQs do not have insecurity problems and feel the need to attack other people with IQ claims. They know exactly who they are and are steadfast in their beliefs, and do not feel the need to justify them with attacks such as that. When did Einstein ever state what his IQ was, and use it to attack a colleague? Like, never? Those that boast about their intelligence are the least intelligent out there, because true intelligence would show them that taking that path does not lead to a positive outcome. Only less-intelligent people choose the path of negative outcome.
and overnight comes up with something particularly insightful, profound yet lacking in musical metaphor, you feeling ok?