The upcoming digital currency order is positive and supports responsible innovation according to the author.
Bitcoin (BTC) rallied early on Wednesday, pushing the broader crypto market higher after U.S. Treasury Secretary Janet Yellen’s inadvertently published remarks revealed President Joe Biden’s impending crypto order would take a constructive approach in regulating the digital asset industry.
- “A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates U.S. policy across agencies,” Yellen said in the statement, which was accidentally published, and then unpublished, late Tuesday before being officially published Wednesday.
- “Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Yellen added.
- After reported on Yellen’s comments, a bid was picked up and it went to $41,900. The data shows that other prominent cryptocurrencies followed suit.
- “Based on remarks, crypto [executive order] is positive and calls for coordinated and comprehensive approach to digital asset policy that will support responsible innovation,” Gemini Trust’s Cameron Winklevoss tweeted.
- “I applaud this constructive approach to thoughtful crypto regulation and look forward to working together with the various stakeholders to ensure that the U.S. remains a leader in crypto,” Winklevoss added.
- The White House’s long-awaited executive order directed at cryptocurrencies has recently attracted strong attention, thanks to speculation wealthy Russians could be using it to circumvent economic sanctions. The analysts were worried that the Biden administration would take a hard stance on the sector.
- Yellen’s comments have revealed a balanced approach, but there are still concerns about the use of digital currency. “The executive order will address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy,” Yellen’s now-deleted statement said.
- Shortly after it was published, the statement was taken down from the Treasury Department’s website.
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