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Highlights
- The US government’s approach to crypto has garnered fresh attention as Washington and its allies have imposed sanctions on Russia.
- Crypto companies have been facing pressure to shut down their services to customers in Russia as conflict continues between Russia and Ukraine.
- Low cost blockchain project Bitgert has seen some impressive gains in recent weeks.
An executive order set to be signed by US President Joe Biden this week will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets.
The US government’s approach to crypto has garnered fresh attention as Washington and its allies have imposed sanctions on Russia, sparking concerns that Russia could use crypto to circumvent the restrictions.
The executive order will require federal agencies to report what they’re doing regarding digital assets later this year.
While lawmakers, including Senator Elizabeth Warren and Senate Banking Committee Chairman Sherrod Brown, have publicly scrutinised the crypto industry, some analysts have questioned the effectiveness of a workaround crypto, given the limited size of the market.
Crypto companies pressured to shut down Russia operations
Meanwhile, crypto companies have been facing pressure to shut down their services to customers in Russia as conflict continues between Russia and Ukraine.
Coinbase CEO Brian Armstrong said via Twitter last week that ordinary Russians are using crypto as a lifeline following the heavy drop in the ruble's value due to economic sanctions.
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Armstrong added, closing Coinbase's trading platform in Russia would damage ordinary Russian citizens, many of whom don't support the war.
Bitcoin stayed level overnight to hit US$38,200 after rising to around US$44,000 last week.
Altcoin News
Low cost blockchain project Bitgert has seen some impressive gains in recent weeks.
According to CoinGecko, Bitgert’s native token Brise, has risen over 1,100% since February 8.
The price jump has been driven by the release of the Bitgert Exchange as well as a series of new partnerships.
The biggest contributing factor though has been the launch of the Bitgert Chain on February 14. The Bitgert Chain offers much cheaper transaction fees as well as much faster transaction times than many other existing chains.
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Image Source @ 2022 Kalkine Media®
Data Source: Coinmarketcap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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