Biden’s executive order on crypto leaked – prices surge

ForbesBilly Bambrough | March 9, 2022

Janet Yellen - Biden’s executive order on crypto leaked - prices surgeCryptocurrency figures praised the ‘constructive approach’ that focuses on innovation rather than strict regulation

The US government has accidentally leaked its plans for cryptocurrency a day before it was set to make an official announcement, according to reports.

For the first time in US history, President Joe Biden was going to release an executive order on cryptocurrency and how it will be regulated in the US on March 9 local time (later tonight on Australian time).

Crypto enthusiasts have been waiting with bated breath, with rumours for months that regulations were headed for the industry which has a market capitalisation of US$1.76 trillion (A$2.42t) at time of writing.

See:  Top Crypto Lawyer says Don’t wait for the SEC

However, just past 1pm AEDT, an official press release about the executive order from US Treasury Secretary Janet Yellen appeared online before being quickly taken down, CoinDesk reported.

"A presidential executive order on cryptocurrencies would 'support responsible innovation' as it coordinates U.S. policy across agencies," Treasury secretary Janet Yellen wrote in a statement that was briefly published on Tuesday evening before being removed but not before being spotted by Coindesk reporters. The webpage now reads: "Access denied—You are not authorized to access this page."

Cameron Winklevoss, the co-founder of the New York-based Gemini crypto exchange, said via Twitter"

"Based on remarks, crypto [executive order] is positive and calls for coordinated and comprehensive approach to digital asset policy that will support responsible innovation"

See:  Canadian Regulators Bringing the Canadian Crypto Sector to Heel

"Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems," Yellen's now removed statement read. "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."

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You can view an archived copy of the release --> here

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