As companies face sanctions, Biden will sign a crypto order.
According to unidentified insiders within the Biden administration, the president will sign new executive order on cryptocurrency this week.
According to Bloomberg, the new directive will define the tone and posture for the US government's approach to cryptocurrency regulation, with a concentration on sanctions enforcement.
The executive order will direct federal agencies to investigate potential changes to the present regulatory framework.
In addition, the new order will look into the impact of cryptocurrencies on national security in the United States.
In light of Russia's invasion of Ukraine and the severe sanctions imposed as a result, the Biden administration has placed a particular emphasis on cryptocurrency.
There are fears that sanctioned Russian oligarchs would use crypto to get around the sanctions.
In related news, Coinbase, the largest cryptocurrency exchange in the United States, announced today that it has blocked 25,000 crypto addresses linked to Russian citizens involved in criminal activity. Coinbase stated on its blog, "Once we discovered these addresses, we shared them with the authorities to further enhance sanctions enforcement."