On Wednesday, President Joe Biden signed an executive order which laid the groundwork for federal regulation of the cryptocurrency market, the potential development of a digital dollar, as well as setting the stage for the presentation of unregulated cryptocurrency as national security threats.

The order calls for a review of the federal government’s approach to cryptocurrencies, as well as placing the United States as a leader in the global industry.

The ongoing Russian invasion of Ukraine is also being presented as a motivation for cracking down on cryptocurrency, with The Washington Post noting that “some U.S. policymakers have raised concerns about the potential for Russians to use cryptocurrencies to dodge sanctions, although others say the relatively small size of the asset market and the traceability of digital tokens make it an unworkable option for the Russians targeted with sanctions.”