The cryptocurrency market saw a short spike in value after details surfaced on President Joe Biden's new executive order aimed at adding a regulatory framework for digital assets.
The spike in value came after a statement from Treasury Secretary Janet Yellen was posted to The Treasury Department's website on Tuesday night. The statement from the Treasury Secretary revealed that the new executive order will strike the right balance between encouraging innovation in the space while also protecting investors. The statement from the website has since been removed, but not without publications such as Bloomberg picking it up and running the story, leading to the spike in Bitcoin's value.
It should be noted that Biden announced that the executive order doesn't lay out any specific positions the administration has taken on digital asset regulation but instead hands the task over to various agencies that will focus on creating a policy framework for six key areas: consumer protection, financial stability, illicit activity, US competitiveness, financial inclusion, and responsible innovation. Additionally, the Biden administration wants to explore "the technological infrastructure and capacity needs for a potential" digital version of the US dollar.
″[It's] unequivocally bullish for the crypto ecosystem over all timeframes. It's easy to lose sight of how much ground this ecosystem has covered in the last two years in terms of legitimacy and stance from the US government, but this E.O. makes it clear the US government is not banning crypto, it is embracing it," said Travis Kling, CEO at Ikigai Asset Management.
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