Biden’s executive order on crypto in the US and a statement from Yellen leaked: prices go up

Biden's executive order on crypto in the US and a statement from Yellen leaked: prices go up

Biden's executive order on crypto in the US and a statement from Yellen leaked: prices go up By DailyBitcoin Editor

The expected executive order of the president of the United States Joe Biden will be published today, but the medium The Block leaked it before. Also, Yellen’s comments on it were published ahead of time.

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The cryptocurrencies start the day well today thanks to news -or rather, two leaks- coming from the United States. Bitcoin jumped 8.2%, soaring over $42,000, according to data from crypto markets, after statements by US Treasury Secretary Janet Yellen were accidentally leaked on the institution’s website. There she talked about his reaction to President Joe Biden’s executive order and details of what his policy will be in relation to cryptocurrencies. At the same time, a medium leaked the alleged original document of the order.

Yellen’s statement, posted on the website of the Treasury Department last night, highlights that the cryptocurrency executive order of the Biden administration strikes the right balance between encouraging responsible innovation and addressing potential risks to consumers and the broader financial system.

The statement, which was dated March 9 (today), has been removed from the web. A Treasury spokesman declined to comment further, he said. Fortune.

Yesterday morning the media, including DailyBitcoin, reported that this week the administration planned to make this order public, following industry calls for the White House to take a leadership role in setting policy for digital assets. The order is the first attempt to coordinate the government’s strategy.

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Yellen’s statement on the order

According to Yellen’s statement, the order will address the substantial benefits that innovation could bringwhile dealing with the risks related to illicit finances, protecting consumers and investors and preventing threats to the financial system and the economy in general.

The Treasury will partner with other agencies to compile a report on the future of money and payment systems, according to the statement. The department will also convene the Financial Stability Oversight Board to review potential risks to financial stability and assess whether the necessary safeguards are in place. It will also work with international partners “to promote sound standards and a level playing field.”

Yellen said the department’s efforts under the executive order would complement work that has already been done, including the report that the President’s Task Force on Financial Markets released last year on stablecoins.

“As we take on this important work, we will be guided by consumer and investor protection groups, market participants and other leading experts,” Yellen said in the deleted statement. “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.”.

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It says fortune that while the executive order places the White House at the center of crypto politics, it is unclear how much progress can be made given the mid-term elections looming in November and the possibility that the Democrats lose control of Congress. Although Republicans have recognized the need for regulation, they have often advocated a less stringent approach than their Democratic counterparts.

Biden’s order was leaked

On the other hand, the medium The Block published ahead of time – the document has an embargo mark that must be respected by the media – the alleged executive order of President Joe Biden on crypto that would be launched, according to the document, later today.

The Block says it obtained a fact sheet outlining the key points of the order, which is described as the “first-ever, whole-of-government approach” to overseeing the sector in the US.

The fact sheet defines the order as “outlining the first government-wide approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”

The order, as summarized by the media, is quite benign in relation to cryptocurrencies.

DailyBitcoinrespecting the embargo, will later publish the full translation of the terms of the order.

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Sources: fortune, Coindesk, The Block, archive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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