Bitcoin jumps in the morning after the US Treasury apparently accidentally posted details of President Joe Biden’s upcoming executive order on cryptocurrencies on its website tonight, revealing the administration’s favorable stance towards digital assets. The statement was then quickly removed, but the revelation did not stop the optimism of investors, who flocked to buy Satoshi Nakamoto’s creature, infecting all the other tokens. Bitcoin is currently gaining over 9% at $ 42,108.06, while ether is pushing up to 2,761.60, up 7.8%.
The statement of the Treasury, dated 9 March with the signature of the secretary Janet Yellen and seen by, states that the executive order calls for “a complete and coordinated approach to the policy on digital assets” such as to support “responsible innovation that could bring substantial benefits to the nation, consumers and businesses. ” At the same time, “the risks associated with illicit finance will be addressed, protecting consumers and investors and preventing threats to the financial system and the economy in general,” explained the former head of the Federal Reserve. Furthermore, “the Treasury will collaborate with inter-agency colleagues in order to develop a report on the future of money and payment systems. We will also call the Financial Stability Oversight Council to review potential risks to the financial stability of digital assets and assess whether adequate safeguards are in place. And, as the issues posed by digital assets often have important cross-border dimensions, we will work with our international partners to promote strong standards and a level playing field, “added Yellen.
In this regard, the Biden administration will also formally evaluate the creation of a digital dollar, a cryptocurrency therefore guaranteed by the Federal Reserve (Cbdc). The central bank is already evaluating the possibility of a CBD, which some other countries, including China, have already implemented. According to sources, the executive order will mandate the Justice Department to investigate whether Congress should authorize the creation of a digital currency.
The fears of a tough regulatory tightening by Washington on virtual currencies, raised all the more after the risks linked to the war in Ukraine, have been swept away, at least according to the interpretation of the traders. However, it should be noted that Yellen mentioned the prevention of systemic risks (perhaps a reference to privacy coins
). The leaked statement “has been welcomed by the cryptocurrency market as it appears to focus on developing the industry rather than imposing unrealistic norms,” ​​commented Yuya Hasegawa, a market analyst at the Japanese crypto exchange platform Bitbank. Cameron Winklevoss, co-founder of the Gemini exchange, called the executive order a “constructive approach to careful regulation of cryptocurrencies.” Matthew Dibb, coo of Stack Funds, shares the same opinion.
Investors have long awaited Biden’s executive order, which is expected to be issued this week, possibly as early as today, as this is the first attempt to coordinate a government-wide strategy. However, it is not clear to what extent this measure, which will certainly have global repercussions, can be pushed into an election year. (All rights reserved)

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