US President Joe Biden is expected to issue an executive order within the week to further cement the government’s stance on cryptocurrencies. Sources close to the administration said the official documents contain directives for federal agencies to aid them in dealing with Bitcoin and other digital assets. 

The executive order will allow federal agencies to look closely at possible changes in regulations as well as the impact on national security and the economy. Following the US sanctions on Russia, the White House’s approach on cryptocurrencies is back on the spotlight. The recent events have also sparked concerns that individuals and organizations may use cryptocurrencies to avoid sanctions.  

Bloomberg reports that the White House has yet to comment on the matter. Industry executives have been pressuring the Biden administration since the past year to assert a more coordinating role in addressing cryptocurrencies. This new plan is expected to produce new roles for federal agencies like the State Department to the Commerce Department.  

In January, the US Federal Reserve issued a statement that it would seek public opinion regarding the release of a digital US dollar. This might serve as a more stable alternative to cryptocurrencies with high volatility.  The existence of a central bank digital currency could also assert the dollar’s dominance in the digital asset class. 

The crypto industry is currently under scrutiny from US lawmakers following concerns over the use of digital assets to bypass US-imposed sanctions. In a news release, Him Das, acting director of the country’s Financial Crimes Enforcement Network, said no widespread evasion of sanctions has been observed.