The Biden Administration might soon regulate crypto transactions in the United States, especially since a new executive order is about to be signed by POTUS.
A banner with the logo of bitcoin is seen during the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021. (Photo by Marco BELLO / AFP)
Right now, the U.S. government can only get involved in cryptocurrency sales if these transactions cover the sale of a security under state or federal law.
Other than that, the officials can no longer intervene. However, this scenario in the U.S. might soon change once President Joe Biden signs the new executive order allowing crypto regulations.
Biden Administration To Regulate Cryptocurrencies?
According to The New York Post's latest report, the new executive order arrived after the U.S. officials shared their concerns regarding cryptocurrencies being used by Russia.
U.S. Vice President Joe Biden smiles during the vice presidential debate at Centre College October 11, 2012 in Danville, Kentucky. This is the second of four debates during the presidential election season and the only debate between the vice presidential candidates before the closely-contested election November 6.
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They said that Russians could take advantage of the digital coins to bypass the sanctions imposed by the U.S. government against them.
Two unnamed individuals, who claim that they are familiar with the new executive order, said that the cryptocurrency regulation move might be issued before March ends.
They added that the new executive order would describe what crypto regulations and policies the U.S. Treasury Department and other government organizations must create.
Aside from this, the new executive order is also expected to ensure that the upcoming cryptocurrency regulations are compatible with those imposed by the U.S. allies.
U.S. Crypto Companies Still Block Russian Transactions
As of the moment, various U.S.-based crypto companies are still imposing transaction blockages against Russian digital coin consumers.
One of these is Coinbase. Fortune reported that the American crypto exchange firm already blocked 25,000 cryptocurrency wallets that are linked to Russians.
This is just one of the efforts made by Coinbase to support the current sanctions imposed by the United States government to prevent Russia from conducting crypto transactions. As of the moment, it is still unclear when the U.S. will stop its crypto sanctions.
In other news, BTC's value has fallen by 7.5% recently because of the ongoing Russia-Ukraine conflict. Meanwhile, tech employees are now moving to the blockchain industry because of the new crypto Web3 movement.
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Written by: Griffin Davis
