Tag Archives: Executive Order

BREAKING: Biden to Sign Exec Order to Regulate Cryptocurrency

Amber Crawford
March 7th, 2022

Biden will reportedly be signing an executive order later this week which will outline the government’s strategy for cryptocurrencies, marking the first step towards the regulation of digital currency. This initiative, which has been in the works since last year, has been expedited in order to ensure Russia doesn’t try to use crypto to circumvent sanctions levied by the U.S. and its allies.

Detailed information on this order has not been released yet, but is anticipated to inform government agencies on what steps they must take to develop regulations on digital currencies.  Federal agencies will also be required to report what they’re doing in terms of digital tokens later this year.

Bloomberg reports that the order “will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets.”

Additionally, according to Decrypt,

“The executive order will reportedly help coordinate the role of agencies such as the Securities and Exchange Commission and Commodity Futures Trading Commission on cryptocurrency. Industry actors have long complained that guidance from the SEC and other agencies has been unhelpful as they seek to be compliant with U.S. law.”

Russia’s use of digital currency has raised significant concern that the country will use it to evade the recent sanctions which have crippled the ruble and closed the country’s stock market.

Last week, Treasury Secretary Janet Yellen discussed the possibility of cryptocurrency providing Russia a way of circumventing the sanctions placed on them. “We will continue to look at how the sanctions work and evaluate whether or not there are liquid leakages and we have the possibility to address them,” said Yellen. “I often hear cryptocurrency mentioned and that is a channel to be watched.”

In the past, action evasion via cryptocurrency has been experienced with Iran and Venezuela, which have helped inform the government’s efforts in this initiative.

The Acting Director of the Treasury’s Financial Crimes Enforcement Network (FinCEN), Him Das, issued a statement saying, “Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people.”

FinCEN issued an alert on Monday to financial institutions, advising them to be “vigilant against potential efforts to evade the expansive sanctions and other U.S.-imposed restrictions implemented in connection with the Russian Federation’s further invasion of Ukraine.”

Silent War: Trump to Sign Sweeping Executive Order to Reduce US Reliance on China

August 6, 2020

WASHINGTON—In response to supply disruptions caused by the pandemic, President Donald Trump will sign an executive order in Ohio Thursday to ensure essential medicines, medical supplies, and equipment are made in the United States. 

“If we’ve learned anything from the China virus pandemic, it is simply that we’re dangerously over-dependent on foreign nations,” White House trade adviser Peter Navarro told reporters on Thursday.

He said the president will sign a broad executive order in Ohio that covers not just medicines, but also medical supplies such as masks, gloves, goggles, and medical equipment like ventilators.

The executive order is called “Combating Public Health Emergencies and Strengthening National Security by Ensuring Essential Medicines, Medical Countermeasures, and Critical Inputs are Made in the United States.”

According to Navarro, the executive order has three components, which include the “Buy American” order to ensure that government agencies, including the departments of Veterans Affairs, Health and Human Services, and Defense, buy American products.

The order aims to increase government demand for U.S.-made products to help create a market for manufacturers to invest and to produce in the United States.

The other component of the order is the deregulation, which ensures the Food and Drug Administration (FDA) and the US Environmental Protection Agency (EPA) ease rules for the development of advanced manufacturing facilities in the United States.

This will help create “a more rational and streamlined regulatory process” to address national security threats in a timely fashion, Navarro said.

And the third part, which is critical to keep drug prices down is “to catalyze advanced manufacturing and continuous manufacturing techniques.” The objective is to create economies of scale and scope to help reduce the cost of production in the United States.

Besides essential medicines, medical countermeasures are also a key part of this order, Navarro said, as they are crucial to fight national security threats including chemical, biological, radiological, and nuclear (CBRN), as well as pandemic threats.

The executive order also has “an element to combat the trafficking of counterfeit medicines coming in,” primarily “from Communist China,” he added. 

The administration has been working for months on the executive order. The pandemic has forced the U.S. government to revisit America’s over-reliance on other countries.

China controls 90 percent of the core chemicals used in generic drugs, which are copies of prescription drugs that are allowed for sale after patent protections on the original drugs expire.

China is also the dominant supplier of personal protective equipment, such as masks, respirators, surgical gowns, and gloves, which are currently in high demand.

During the pandemic, countries where production facilities are located, such as India and China,  have imposed export restrictions for critically needed items. That’s disrupted the U.S. pharmaceutical industry’s global supply chain and prompted the White House to take action.

“At a minimum, we need to have enough production to deal with pandemic and CBRN threats,” Navarro said in response to a question by The Epoch Times. 

“We’re a long way from that but we can move in Trump time, which is to say as quickly as possible towards closing that gap and today is a big step towards that.”

Follow Emel on Twitter: @mlakan

Trump to Sign Executive Order on Social-Media Companies on Thursday

Jon Swartz,
May 28, 2020

President Donald Trump is poised to sign an executive order on social-media companies Thursday, escalating his war on Twitter Inc., although it remains unclear what it will entail.

Late Wednesday night, the Wall Street Journal reported a draft copy of the order would limit legal protections afforded to social-media companies, making it easier for federal regulators to hold companies liable for curbing users’ free speech. The aggressive order would be broad-reaching and revoke protections tech companies have under the 1996 Communications Decency Act that give them wide latitude in moderating content, and could lead to federal agencies withdrawing advertising contracts with companies found in violation, the Journal reported.

A White House spokesperson confirmed an order was forthcoming late Wednesday, a day after Twitter TWTR, -2.60% issued its first fact-checking warning label to some of his tweets.

Twitter declined comment. Late Tuesday, a company spokesperson said it issued fact checks because Trump’s tweets “contain potentially misleading information about voting processes and have been labeled to provide additional context around mail-in ballots. This decision is in line with the approach we shared earlier this month.”

In a series of tweets Wednesday, Trump threatened to “regulate” or even “close” social-media platforms. Legal experts scoffed at the president’s ability to moderate f social-media platforms such as Twitter, Facebook Inc. FB, -0.19% and Snap Inc. SNAP, 7.88% .

Twitter shares were down 2.6% in after-hours trading, while Facebook and Snap were down less than 1%.

Speculation centered on whether Trump would push for new legislation or pressure U.S. regulators to sue the companies. Facebook and Google parent Alphabet Inc. GOOGL, 1.18% GOOG, 1.10% are currently under investigation by the Federal Trade Commission and Department of Justice, respectively, for possibly violating antitrust law.