Breaking crypto news alert president bidenis expected to sign an executive order on cryptocurrency this week this order will mark thefirst step towards regulating how digital currency is traded the move comes as the administrationofficials have raised concerns in the recent weeks about russia's use of cryptocurrency to evade theimpact of these crushing sanctions in response to the invasion in ukraine the sanctions haveset the ruble to historic lows and have closed the country's stock market completely two peoplefamiliar with the process said the executive order on cryptocurrency was expected to be issuedthis week and it had been in the works long before the war the order is expected to describewhat government agencies including the treasury department need to do to develop policies andregulations on digital currencies it is expected.
To include a request from the state departmentto ensure that american cryptocurrency laws are aligned with those of us allies and will askthe financial stability oversight council which monitors the stability of the u.s financial systemto study illicit finance concerns additionally the order will explore the possibility ofa new cbdc or central bank digital currency the federal reserve issued a paper on the topicin january that explores the risks and benefits of a u.s digital-backed currency implicit in theorder will be that cryptocurrency will remain part of the u.s economy for years to come this isgood news while u.s officials have played down the significance of cryptocurrencies in russia'sability to evade sanctions they do mark that it remains a concern interesting how they don'tinclude how cryptocurrencies are helping ukraine.
Direct cryptocurrency contributions have topped37 million dollars to ukraine's relief efforts the best part about this is there's no red tapethese donations are direct there's no middlemen taking out pieces there's no corruption alongthe way eating away at that potential impact guys keep pushing forward cryptocurrency is a tool ofpeace it is anti-war by definition let's continue to push this narrative and not allow governmentagencies to taint the good that's being done here treasury secretary janet yellen said this weekwe will continue to look at how the sanctions work and evaluate whether or not there areliquid leakages and we have the possibility to address them i often hear cryptocurrencymentioned and that is a channel to be watched no duh a senior administration official saidthe president's national security team has.
Already been on the lookout for the use andcreation of front companies and alternative financial institutions that moscow mighttry to employ to get around these sanctions crypto is one of the several spaces that thebiden administration is looking to shore up as it tries to make certain that sanctions onrussia have maximum impact the officials said past experiences in iran and venezuela with sanctionedevasion are informing the administration's efforts additional export controls and new sanctionedtargets are also expected to be unveiled in the days and weeks ahead on monday treasury'sfinancial crimes enforcement network issued an alert advising financial institutions to bevigilant against any efforts to evade sanctions in connection with russia's war in ukrainedirector him das said although we have not seen.
Widespread evasions of our sanctions usingmethods such as cryptocurrency prompt reporting of suspicious activities contributes to ournational security and our efforts to support ukraine and its people as you know my take on thiscryptocurrency is a tool tools can be used for positive or negative impact but it has nobearing on what that tool is what we're seeing here is cryptocurrency on the global front stagethis is the first time we have seen the us and international efforts address the impacts ofcryptocurrency we as believers need to help steer that narrative towards a positive outlookregulation is a scary word but it is necessary in the us for institutional and big investorsto have clarity when it comes to investing in cryptocurrency this executive order in my opinionwill be one step closer to that regulatory clarity.
And in hindsight will be a macro bullish action aswe see the rest of the us government including the sec mull over how cryptocurrency is going to fitinto our future remember this our voices matter every time the sec makes a decision based oncryptocurrency they ask for public comment we are the users of this technology and thus weare some of the most expert opinions make sure to write every single time they ask for comment inaddition send letters to your senators and elected officials and encourage them to support procryptocurrency legislation this is super important the more we can do this the more incentivethese people have to support our cause while we don't know what the weeks ahead of ushold our prayers go out to everyone in ukraine hopefully everyone out thereis staying safe love you fam.