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AP National Business

Biden executive order on cryptocurrency expected this week

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Published 5:17 PM

By FATIMA HUSSEIN and AAMER MADHANI
Associated Press

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 concern 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. The order will describe what government agencies need to do to develop policies and regulations on digital currencies. That’s according to a source familiar with the process who spoke on condition of anonymity.

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