Growing pressure from Congress for new laws to prevent crypto transactions from being used to circumvent financial sanctions on Russia has moved the establishment of a regulatory framework for digital asset transactions to the top of the federal agenda.

In an executive order that will be publicly signed as soon as today, President Biden ordered four federal departments—Treasury, Commerce, State and Justice—to review US policy on cryptocurrencies and deliver recommendations for a federal regulatory framework for crypto in three months.

One of the issues expected to be resolved by this policy review is a decision on whether the Federal Reserve should be given the green light to create a digital dollar.