The price of Bitcoin and other digital assets rose on the back of the news of Treasury Secretary Yellen’s statement.
US Treasury Secretary Janet Yellen has given hints about how the Treasury Department will implement the executive order on crypto expected from President Joe Biden this week.
Secretary Yellen reveals readiness to implement pro-crypto executive order
In a statement issued by the department late Tuesday and subsequently removed, she stated that:
“Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy.”
This statement confirms the earlier reports that President Biden will sign the executive order this week, thereby giving government agencies the go-ahead to investigate the possibility of a digital dollar, cryptocurrency, and the future of money.
Yellen explains how the Treasury Department intends to implement the executive order in the statement.
According to her, this will enable responsible innovation that could benefit the country and everyone while preventing the risks associated with illicit finance and threats to the financial system.
The Treasury Secretary has been a longtime critic of Cryptocurrencies. Last year, she stated that crypto is mostly used for illegal activities while also raising concerns about the energy use of Bitcoin.
However, with indications that the new executive order will bring much-needed clarity to crypto regulations, Secretary Yellen appears to have backtracked her earlier sentiments as she revealed that the department was willing to work with other federal agencies and international bodies to ensure a global standard for the digital assets industry.
The Treasury department wants to educate people about crypto
Beyond what it’ll do based on the Executive order, the treasury department also plans to educate the public more on the risks of digital assets.
According to reports, the department’s “Financial Literacy Education Commission” is already developing educational materials that’ll serve this purpose.
Treasury undersecretary Nellie Liang, in an interview with Reuters, stated that the sensitization would focus on people who have limited access to traditional financial services. With crypto becoming more mainstream, it has become necessary to increase the level of awareness surrounding it.
Liang’s new revelation shows that the Treasury Department is committed to making crypto safe and part of the broad financial system.
“We’re just trying to raise awareness without trying to stamp out new technology and new innovation.”
Bitcoin reacts positively to Secretary Yellen’s words
Bitcoin’s price has rallied on the back of the positive statements made by the Treasury Secretary this morning.
The flagship digital asset gained over 7% as its price touched as high as $41,820 this morning. This move also pulled other crypto assets out of their mini-slump as the prices of Ethereum, BNB, Solana, and Terra also rallied.
Commenting on this development, Gemini’s Cameron Winklevoss attached the early morning green run to the positive and coordinated approach to digital assets regulations.
In his words:
“I applaud this constructive approach to thoughtful crypto regulation and look forward to working together with the various stakeholders to ensure that the US remains a leader in crypto.”