Bitcoin Jumps 2022: Bitcoin Jumps 8% After US Treasury Secretary Yellen Accidentally Leaked Details of Biden’s Crypto Policy
Bitcoin Jumps 2022: A Biden administration cryptocurrency executive order strikes the right balance between encouraging responsible innovation and addressing potential risks to consumers and the wider financial system, Treasury Secretary Janet Yellen said in a statement posted to the Treasury Department’s website Tuesday night.
The statement, which was dated March 9, has since been deleted. A Treasury spokesman declined to comment further.
Bloomberg previously reported that the administration was planning to unveil a directive this week, following the White House’s call for industry to play a major role in setting policy for digital assets. This order is the first attempt to harmonize the government’s strategy.
Yellen said in his statement, the order will address the substantial benefits that innovation can bring, while also addressing risks related to illicit finance, protecting consumers and investors, and addressing threats to the financial system and the broader economy. stop. (Bitcoin Jumps 2022)
According to the statement, the Treasury will partner with other agencies to compile a report on the future of money and payment systems. The Department will also convene a Financial Stability Oversight Council to examine potential risks to financial stability and to assess whether necessary safeguards are in place. It will also work with international partners to “promote stronger standards and an equal playing field”.
Congressional committees have intensified hearings in recent months on the cryptocurrency, which has spanned the nearly $2 trillion market, to examine some areas that could be addressed through legislation. Those topics include stablecoins, private tokens typically tied to the US dollar and other fiat currencies.
Yellen said the department’s efforts under the executive order would complement the work already done, including last year’s report from the president’s working group on financial markets on stablecoins. (Bitcoin Jumps 2022)
While the executive order puts the White House at the center of crypto policy, it is unclear how much progress can be made given November’s midterm elections and the possibility that Democrats could lose control of Congress. Although Republicans have acknowledged the need for regulation, they have often advocated a less strict approach than their Democratic counterparts.
“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. “The Treasury will work to promote a fairer, more inclusive and more efficient financial system, while building on our ongoing work to combat illicit finance and prevent risks to financial stability and national security.”
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