In the wake of the conflict in Ukraine, the subject of cryptocurrency trading is suddenly being seen in a very different light. The United States and other countries have sent Russia’s economy into a tailspin through a swath of sanctions, but according to Treasury experts, the still relatively unregulated area of cryptocurrency may provide Russian President Vladimir Putin with a means to evade these financial obstacles.
Unregulated, that is, until now. In a first for the nation, U.S. President Joe Biden has announced that he intends to sign an executive order that will regulate how crypto is traded.
Although details are still sketchy, it is anticipated that the executive order will charge the Financial Stability Oversight Council with studying how cryptocurrency has been used for illicit finance operations. It is also expected that the U.S. State Department will coordinate with foreign governments to provide stricter oversight of international crypto transactions. According to sources close with to the President, this executive order had been in the works long before the conflict in Ukraine broke out.
So just what does this executive order mean for the still-hot worldwide crypto market? As of now, it’s anyone’s guess. With nothing off the table, including the long-awaited development of a central bank digital currency, President Biden’s order could be little more than a bump in the road of crypto ascendancy…or it could be a brick wall that grinds the market to a halt.