Joe Biden’s executive order on cryptocurrency has been leaked just a day before it is set to be signed on March 9th. In reality, crypto aficionados have obtained access to the remark from Treasury Secretary Janet Yellen.
According to the information provided, Yellen hails the crypto executive order as “historic” and one that achieves a balance between responsible innovation and consumer safety. In terms of specifics, 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.
The crypto market has reacted well to the news, with Bitcoin (BTC) rising over 7% in the previous few hours. Bitcoin has reclaimed its previous high of $41,500, while the larger cryptocurrency market has gained 6%.
The Crypto Executive Order Details
While working with interagency colleagues, the US Treasury said that a report on the future of money and payment systems will be released soon. Yellen goes on to say:
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 anticipating the crypto executive order and how it will affect the market for quite some time. Rather than taking a hard line, the Biden administration appears to have taken a more balanced approach.
A pro-crypto strategy would likely provide America an advantage over its economic rivals, particularly China, which has taken an anti-crypto stance.
