Bitcoin price spikes after details of Biden's new executive order leak

Bitcoin's price soars as details leak of the Biden administration's plan to tackle the ever-growing cryptocurrency sector.

@JakConnorTT
Published Thu, Mar 10 2022 12:03 AM CST   |   Updated Wed, Apr 6 2022 7:33 AM CDT

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.

Bitcoin price spikes after details of Biden's new executive order leak 01 | TweakTown.com

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.

For more information on this story, check out this link here.

Buy at Amazon

innoGadgets Physical Bitcoin Plated with 24-Carat Gold

TodayYesterday7 days ago30 days ago
$7.95$7.95$7.95
* Prices last scanned on 6/30/2022 at 5:59 pm CDT - prices may not be accurate, click links above for the latest price. We may earn an affiliate commission.

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

Newsletter Subscription

Related Tags

Newsletter Subscription
Latest News
View More News
Latest Reviews
View More Reviews
Latest Articles
View More Articles