Bitcoin's value jumps 8% as US President Biden apparently signs an Executive Order on Crypto
Is the US Government legitimising Crypto?
Published: 9th March 2022 | Source: US Treasury Statement Archive |
The US Government is now working towards a "coordinated and comprehensive approach to digital asset policy"
Bitcoin's value has increased by 8% overnight as the US Treasury confirmed that President Joe Biden has signed an executive order that has directed federal agencies to co-ordinate and create policies for the digital asset sector.
Since the US Treasury released their statement before the US government revealed the executive order, we do not have access to what's specifically detailed within the order. That said, we have included the US Treasury's statement on the executive order below, which details what the executive order intends to accomplish. The Treasury's statement has been removed from its website, as their statement was released too early. An archive of this statement is available here.
Biden's executive order appears to focus on consumer protections, tasking government agencies to work together and co-ordinate their efforts to create cryptocurrency regulations. Biden's executive order does not detail any planned regulations for the cryptocurrency market, or the position of the Biden administration regarding cryptocurrencies. The US Treasury will work with interagency colleagues to produce a report on "the future of money and payment systems".
U.S. Secretary of the Treasury Janet L. Yellen released the following statement on President Biden's executive order on digital assets.
"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.
Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of 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. And, because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.
This work will complement ongoing efforts by Treasury. Already, the Department has worked with the President’s Working Group on Financial Markets, the FDIC, and OCC to study one particular kind of digital asset – stablecoins– and to make recommendations. Under the executive order, Treasury and interagency partners will build upon the recently published National Risk Assessments, which identify key illicit financing risks associated with digital assets.
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."
In the eyes of cryptocurrency owners, Biden's executive order is seen positively. It is the sign that the US government plans to legislate the cryptocurrency market, legitimising Bitcoin, Ethereum and other cryptocurrencies in the process. The order is also seen as a sign that the US government does not plan to ban cryptocurrency trading, like some other countries have. This is why the value of Bitcoin has increased following this news.
You can join the discussion on President Biden's Executive Order on cryptocurrencies on the OC3D Forums.
Most Recent Comments
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Originally Posted by NeverBackDown
Ah yes this is the primary focus instead of fixing the economy he destroyed in record speed.
At least I can pay taxes on crypto now. |
It's horrific.
Highest inflation increases year over year in decades in every major category. I mean hell inflation month over month is increasing nearly 1%... It's supposed to be 2% for a year, that's the standard.
We can go on and on but it'll just get derailed very quicklyQuote
CSS Valid
At least I can pay taxes on crypto now.Quote