Bitcoin, Ethereum surge after US Treasury Secretary Yellen’s leaked statement calms fears around Biden’s crypto policy
Janet Yellen’s statement was online for a short time, but it was enough to lead a rally in the price of the top 10 cryptos. Bitcoin’s price was up by 8.3% at the time of writing, while Ethereum’s price was up by 6.88%.
- The European Union is also looking to regulate
AdvertisementA leaked statement from
"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 statement also indicated that Biden’s order will address risks related to illicit finance, protect consumers and investors, and prevent threats to the financial system and broader economy. It’s the first real indication that lawmakers in the US, like many other countries, will not be banning cryptocurrencies. Instead, they seem to be facilitating development around them, while keeping them away from the fiat space.
Crypto coins surge
According to crypto tracking website, Coinmarketcap, the price of Bitcoin was up 8.3% over the past 24 hour period at 3.05 pm IST today. The world’s most valuable cryptocurrency was trading at $42,114.14 at the time.
Not only Bitcoin though, but Ether was also up by about 6.88% at the time, trading at $2,757.98 at the time of writing. Coinmarketcap’s data shows that the top 10 cryptos have been up in the past 24 hours, despite earlier concerns about the state of crypto after Russia and Ukraine's war broke out.
All eyes on Biden’s crypto order
Biden’s executive order has been expected since January this year. According to a Reuters report, the US President is supposed to finally sign the order today.
The order is expected to give impetus to digital assets in the US, which in turn would spur their growth outside the country. “This is designed to look holistically at digital assets and develop a set of policies that give coherence to what the government is trying to do in this space,” a source familiar with the White House’s plans told Cointelegraph on January 28.
Yellen’s statement also said that the US Treasury will partner with “interagency colleagues” to produce a report on money and payment systems. “We’ll also convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place,” the statement said.
EU moves regulations too
The statement was also leaked less than a day after the European Parliament submitted a policy document for crypto regulations for voting. Like Biden’s executive order and Yellen’s statement, that bill is also expected to set ground rules for how crypto transactions will work within EU nations.
While Biden’s executive order may still change, the EU’s policies seem to be focusing on curbing money laundering through crypto by applying existing rules to it.
Sensex and Nifty claw back with exit polls suggesting BJP win in UP and a sense of de-escalation in Russia-Ukraine war
Indigo, SpiceJet stocks takeoff as regular international flights to resume after two years
LIC receives SEBI nod for IPO to sell 31 crore shares but IPO dates not determined yet
Popular on BI
- Elizabeth Holmes ordered dinners for Theranos staff but made sure they weren't delivered until after 8 p.m. so they worked late: book
- My twin and I were in separate classrooms in school. Our joint math lesson made me realize how silly that was.
- 2,000 years before 'manscaping' and smooth armpits, the Romans were seriously into hair removal, archaeological findings show
- Major train accidents that India witnessed in last 15 years
- Odisha rail crash: Rescuers try to raise buried coach, death toll at 238
- Largest road networks in the world – India beats China to take the second spot
- Manoj Bajpayee joins the league of on-screen lawyers like Pankaj Tripathi, Shriya Pilgaonkar & more
- List of famous things to buy in Lonavala