As a result of U.S. Treasury Secretary Janet Yellen’s inadvertently published remarks revealing that President Joe Biden’s impending crypto order would take a constructive approach in regulating the digital asset industry, bitcoin (BTC) surged early on Wednesday, propelling the broader crypto market higher.
- When it comes to cryptocurrencies, a presidential executive order would “promote responsible innovation” because it would “coordinate U.S. policy across agencies,” Yellen said in a statement that was unintentionally released, then removed, late Tuesday before being properly published Wednesday.
- The Treasury Department will collaborate with interagency partners to develop a study on the future of money and payment systems, according to Yellen’s statement.
- As a result of Yellen’s words, Bitcoin (BTC) received a bid and surged over 7 percent to $41,900, according to CoinDesk, which helped calm market jitters. According to CoinDesk statistics, other well-known cryptocurrencies like ETH, SOL, and LUNA followed in the footsteps of Bitcoin.
- As Cameron Winklevoss, CEO of Gemini Trust, put it on Twitter: “Based on the statements, the crypto [executive order] is favorable, and it asks for a coordinated and comprehensive approach to digital asset legislation. That will foster responsible innovation.”
- With this collaborative approach to intelligent crypto regulation, Winklevoss says he looks forward to working with the different stakeholders to guarantee that the United States continues to be a leader in the cryptocurrency space.
- The White House’s long-awaited executive order on cryptocurrencies has recently gotten a lot of attention, mainly because of speculation that wealthy Russians are using bitcoin and dollar-pegged stablecoins to get around economic sanctions imposed by the United States and other countries in the world. Many experts have expressed concern that the Biden administration would take a firm stance on the rapidly developing crypto industry.
- even though Yellen’s remarks demonstrated a well-balanced stance, worries regarding cryptocurrency’s potential for illegal funding continue to exist. A statement from Yellen, which has since been removed from the internet, stated that the executive order would “address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”
- According to the statement, which was uploaded on the Treasury Department’s website on Tuesday night and removed soon after it was released, the information was dated March 9.