As you know, US President Joe Biden is expected to issue bait orders for cryptocurrencies this week.
While the eyes were turned to the statement from the White House in Bitcoin, Janet Yellen’s statement about Biden’s decree was published on the website of the US Treasury Department.
It is understood from the statement that was published and removed from the site in a short time that Biden will publish the decree in a short time. Yellen’s statements, which were leaked before Biden’s orders, are as follows:
Emphasis on Innovation
“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will foster responsible innovation that can deliver significant benefits for the country, consumers and businesses. It will also address the risks associated with illegal financing, protection and help prevent threats to consumers, investors and the financial system.
Under the executive order, there will be interagency joint work to prepare a report on the future of the Treasury, money and payment systems. We will also convene the Financial Stability Oversight Council to assess the potential financial stability risks of digital assets and assess whether appropriate action has been taken. As the questions asked by digital assets often have significant cross-border dimensions, we will work with our international partners to develop solid standards and a level playing field.
This work will complement the ongoing efforts of the Treasury. The department has already worked with the President’s Working Group on Financial Markets, the FDIC, and the OCC to review and advise on a specific type of digital asset – stablecoins. Under the executive order, Treasury and inter-agency partners will build on the recently published National Risk Assessments, which identify key illicit financing risks associated with digital assets.
We will be guided by consumer and investor protection groups, market participants and other leading experts as we undertake this important work. “The Treasury will work to promote a fairer, more inclusive and more efficient financial system while enhancing our ongoing work against illegal financing and preventing risks to financial stability and national security.”
Bitcoin Reacts
In this removed statement, “This approach will support responsible innovation that can bring significant benefits for the country, consumers and businesses” was received very positively by the market and there was a 10% rise in Bitcoin.
Now all eyes are on the decree that Biden will issue.