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- The leaked comments from Janet Yellen show that American lawmaking agencies will have an accommodative stand for crypto.
- Crypto market rallies 7 percent following the news with Terra’s LUNA shooting more than 22 percent.
The excitement around Joe Biden’s crypto executive order has been here for a while! On Tuesday, March 8, comments from U.S. Treasury Secretary Janet Yellen leaked on the web ahead of schedule. Although it was quickly deleted, the web archive managed to capture it.
Read More: Biden administration set to sign an executive order on crypto this week, here is what to expect
In the document, Yellen strikes a positive note on the right balance between encouraging responsible innovation and addressing consumer protection risks. The Treasury Secretary also states that the executive order can bring substantial benefit to America. In her response, Janet Yellen notes:
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 role of the U.S. Treasury post executive order
As the U.S. is set to release its crypto executive order, secretary Janet Yellen explains the role of the U.S. Treasury Department. Firstly, the Treasury plans to work with other agencies to prepare a report on the future of money and payment systems.
Besides, it will also coordinate with the Financial Stability Oversight Council to address potential risks of financial stability and thus place necessary safeguards in place. Since digital assets have a reach across international borders, the U.S. Treasury will work with international partners.
Yellen also mentions some key agencies that will take a pivotal role in setting up the crypto policy for America. She adds:
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.
Crypto market rallies
The broader cryptocurrency market has reacted very positively after reports that the U.S. shall have an accommodative stand on crypto. The broader crypto market is up 7 percent as of press time with the crypto market cap shooting past $1.8 trillion.
Bitcoin (BTC) has registered a major turnaround with 9 percent gains and moving past $41,500 levels. This move helps Bitcoin largely cover up its last week’s correction.
The altcoin space has been rallying as well adding to the market gains. Ethereum (ETH) is up 9 percent as of press time trading at $2,735 levels. Tera’s LUNA has been the biggest gainer shooting 22 percent in the last 24 hours and currently trading at $98.
