This News Supported the Increase in Bitcoin and Altcoins! Here are the statements made from the USA
The cryptocurrency market started a rapid rise yesterday evening due to a development between Ukraine and Russia, and the price rose above $ 40,000. However, the rise gained momentum as the details of US President Biden’s crypto-related executive order were leaked.
Here are the news and details that support the increase in Bitcoin and altcoins …
Details of Biden’s Crypto Executive Order Leaked
US Treasury Secretary Janet Yellen ‘s statement on President Joe Biden ‘s executive order on digital assets calls for efforts to support innovation while addressing risks in the industry.
Yellen’s statement was accidentally posted in the wee hours of the morning and was quickly deleted, but these published statements were caught in a web archive. Early information on the details of President Biden’s forthcoming executive order was accidentally released yesterday evening.
The executive order on cryptocurrencies will call for a “coordinated and comprehensive approach to digital asset policy.” In Yellen’s statement, it was stated that the executive order “could provide significant benefits for the nation, consumers and businesses”, and continued with the following statements;
“It will also address the risks associated with illegal financing, protect consumers and investors, and prevent threats to the financial system and the broader economy.”
Yellen also outlined the next step the Treasury Department would take in learning to understand digital assets and how to regulate them within the parameters of the enforcement order.
On the other hand, institutions will collaborate to produce a report “on the future of money and payment systems” to assist the Treasury in its efforts.
The Treasury will also convene the Financial Stability Oversight Council to determine whether “appropriate safeguards” are in place. These efforts will add to the ongoing work Yellen says her department has already undertaken with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Currency Supervisor (OCC) on stablecoins.
Executive Order Could Have Global Effects
The statement suggested that the executive order would have global implications, as “we will work with our international partners to ensure solid standards and level playing field”.
Yellen also said that the Treasury will continue to work with investor protection groups and various experts.
“As the Treasury works to promote a fairer, more inclusive and more efficient financial system, it will enhance our ongoing work against illegal financing and prevent risks to financial stability and national security.”