Joe Biden’s executive order on crypto has been leaked just a day before its scheduled arrival on Wednesday, March 9. In fact, crypto enthusiasts have got access to the comments from U.S. Treasury Secretary Janet Yellen.
As per the details given, Yellen applauds the crypto executive order calling it ‘historic’ and the one that strikes the balance between responsible innovation and addressing consumer protection needs. As per details, Yellen says:
President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.
It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.
Well, the news has got the crypto market rallying with Bitcoin (BTC) price shooting over 7% in the last few hours. Bitcoin is back above $41,500 as the broader cryptocurrency market registers 6% gains.
Details of the Crypto Executive Order
The U.S. Treasury noted that it will soon release a report on the future of money and payment systems while partnering with interagency colleagues. Yellen adds:
As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts. Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.
The crypto market has been waiting for a long on the crypto executive order and how it shall impact the market. It seems like the Biden administration has taken a balanced approach rather than just taking a tough stand.
A positive crypto policy can probably help America gain an edge over its economic rivals, especially China, which has taken an entirely anti-crypto approach.
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