U.S. President Biden expected to sign crypto-related executive order this week

Since last year, the U.S. government has been trying to coordinate the work of different federal agencies on cryptocurrencies.

U.S. President Joe Biden will sign an executive order this week summarizing the U.S. government’s strategy for dealing with cryptocurrencies, Bloomberg and Reuters reported, citing people familiar with the White House.

According to Bloomberg, the order will direct federal agencies to consider potential regulatory changes, as well as the national security and economic implications of cryptocurrencies.

The White House has been under pressure to play a more central role in developing digital asset policy and regulation. With sanctions over Russia's invasion of Ukraine, and concerns that companies and individuals could use cryptocurrencies to circumvent sanctions, the pressure will only increase.

The Biden administration has been working on the order since last year, and in January it was reported that it was imminent.

According to Bloomberg, the order will require federal agencies to report on their progress in dealing with digital tokens later this year.

CoinDesk has reached out to the White House to confirm the report, but had not heard back as of press time. (CoinDesk)