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Bitcoin surged against the dollar early Wednesday morning, pushing the broader cryptocurrency market higher after US Treasury Secretary Janet Yellen’s remarks were inadvertently released. The statement notes that President Joe Biden’s forthcoming crypto-currency order will take a constructive approach to regulating the digital asset industry.
“The Cryptocurrency Executive Order will ‘support responsible innovation’ as it coordinates U.S. policy across agencies,” Yellen said in a statement that was scheduled for Wednesday afternoon but was released Wednesday night.
The market reacted to the announcement with a rise of more than 8.7% to $41,588 (as of Wednesday morning). Other popular cryptocurrencies such as ETH, SOL, LUNA are also actively growing.
“I applaud this constructive approach to thoughtful cryptocurrency regulation and look forward to working with various stakeholders to ensure the US remains the leader in crypto,” Cameron Winklevoss of Gemini Trust tweeted.
The long-awaited White House executive order regarding cryptocurrencies has received a lot of attention lately, thanks to rumors that wealthy Russians could use Bitcoin and dollar-pegged stablecoins to circumvent economic sanctions imposed by the West. As such, several analysts were concerned that the Biden administration would take a hard line on the emerging crypto sector.
While Yellen’s comments showed a balanced approach, concerns remain about the use of cryptocurrencies for illicit funding.
“The executive order will address the risks associated with illicit financing, protect consumers and investors, and prevent threats to the financial system and the broader economy,” Yellen said in a now-deleted statement.
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