The long-awaited day seems like it's finally arrived: there have been rumors of an executive order coming from the white house for a long time now, but now biden is expected to sign the executive order as soon as next week. But we all know when it comes to government. It usually takes a little bit longer than expected, so be a little bit patient here so right now the exact wording of this executive order is a little bit fuzzy uh. The government always likes to wait until last minute to release the exact details of things, but what we do know is that it could mean huge changes to the way cryptocurrency works, especially if it makes changes to the tax code.

So this executive order is meant to outline the u.s government's strategy for cryptocurrency regulation. Now, that's a pretty big deal, especially because we have a lot of influential democrats speaking out against cryptocurrency right now. The most vocal critic right now is probably elizabeth warren and the senate banking, chairperson, senator brown they've both votes, their concerns over how digital assets can be used to bypass sanctions and, in particular, how russia and russian oligarchs can use cryptocurrency to bypass the sanctions recently placed On them for the invasion of ukraine and they're, not the only ones with these concerns, it seems like many people are voicing their concerns that russia could be using cryptocurrency as a sort of digital asset loophole, so to speak, uh. So, there's a lot of fear in the cryptocurrency community right now that ukraine could force biden's hand with regulation.

If we keep getting news stories about russia using crypto to bypass sanctions, it could mean that we see regulation put on cryptocurrency a little bit faster than otherwise. But the ceos of binance and coinbase have very much debunked this idea. They both say that cryptocurrency is too transparent and too traceable to be used to avoid sanctions. In fact, the ceo of binance said that currently the media and politicians are spending a lot of effort and focus on crypto and sanctions.

The truth is crypto is too small for russia. Another reason russia would not use crypto is it's too traceable and government around the world is already very adept at tracking it and to that the coinbase ceo added, i don't think, there's a high risk of russian oligarchs using crypto to avoid sanctions, because it is a Open ledger: trying to sneak lots of money through crypto would be more traceable than using us dollars, art, gold or other assets. Now that we've gone past the fud, we can now go right into what exactly we expect this executive order to say, so. We basically think that this is going to be biden, telling the government to study cryptocurrency in more detail.

For example, we're expecting biden to tell the office of science technology to develop an evaluation that details the support structure required to create a cbdc, and this is also following the federal reserve's report on cbdc's. That's a central bank, decentralized currency that came out in january, but it's not expected that much is going to happen with this executive order and that's because the federal reserve is still studying the feasibility and impact of it. And we highly doubt that biden will take any action on cbdc's before the fed is done with their studies. Now that could change a lot depending on what happens with china, though, in its january report the fed said that united states digital currency could help the dollar maintain its dominance in the world market.

Now the problem with that is is that china has already begun to roll out its digital yuan, and millions of people are already using it and it's the first real examples of a state-sponsored decentralized currency. So we could see the dollar begin to drop in popularity. Among that group, and that could push the federal government, particularly the fed and biden, to kind of push for a cbdc before that study is complete. But again we think this is very unlikely and if it does happen, though, it's a really good thing for the cryptocurrency space uh.

If it happens now or in the future, once the report is done - and you know it could be a negative catalyst depending on if the united states uses it as an opportunity to regulate non-us-backed stable coins. But overall, i think it's kind of a bold case scenario for uh cryptocurrency. So, overall, what we know about this executive order isn't really that important to the market, yet it might lead to future regulation which could be harmful, but we're not really there we're just looking at it's really more about how we're going to be studying cryptocurrency going into The future and a really important part will be if there's any changes to the way that crypto is taxed or if there's any changes to the way exchanges are regulated. So those are really the two big things we want to look for when this executive order is signed and we have no idea what it might look like we're just gon na have to kind of wait and see what happens since russia started its invasion.

Ukraine has raised more than 54 million dollars through crypto amassing over 102 000 individual crypto donations. Some of these donations in the form of nfts and stable coins such as teva one ukrainian government wallet, even received a crypto punk worth over two hundred thousand dollars. These funds are going to the ukrainian government and an ngo called come back alive which helps to support the ukrainian military. These funds were raised for a series of tweets by ukrainian governmental accounts.

This prompted, unfortunately, like always a series of scammers to put out tweets claiming to help ukraine when, in actuality, these tweets just look a lot like the ones you receive from an african prince who took a sudden interest in your finances. The donations received consists of 18.2 million dollars in ifa 17.2 million dollars in worth of bitcoin and the rest made up of many smaller crypto assets. Now cryptocurrency is particularly useful in ukraine's case, because the country's central bank clamp down on digital money. Transfers crypto can be used to skirt around this, which highlights the usefulness of crypto.

In these tricky circumstances. Now the ukrainian government is using the crypto money to purchase military equipment. This comes as ukraine's weapons. Suppliers are now accepting payments in crypto form ukrainian officials say non-lethal equipment is being purchased with the crypto like night vision, goggles bulletproof, vests, food rations and medical equipment.

These are all vital suppliers to help fight off an invasion with so much money in crypto. How does the ukrainian government safeguard it? Ukraine has a multi-signatory wallet with five signatories. These are the people who approve the spending of crypto. Three of the five signatories must sign off on any one purchase.

Why free of the five? This way, if two gets stuck in a bunker during an air raid or god forbid, they get harmed in the war. There are still three other signatories available to sign off. On the purchase, other crypto news, one of the largest crypto exchanges kraken, has ruled out shutting down any russian accounts unless legally required to do so. This follows as binance answered a question as to why won't finance go one step further and sanction or freeze all russian users assets the most important point.

We don't think we have the authority to do so said, finance ceo. This will come as a relief to russian citizens as bitcoin may have dipped, but it's certainly doing better than the ruble.