Joe Biden’s Leaked Executive Order Has Got the Crypto Market Rolling, Janet Yellen Praises

Bhushan Akolkar
March 9, 2022
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Bitcoin Critic Janet Yellen To Testify Before US Congress About Crypto-Friendly Banks

Joe Biden’s executive order on crypto has been leaked just a day before its scheduled arrival on Wednesday, March 9. In fact, crypto enthusiasts have got access to the comments from U.S. Treasury Secretary Janet Yellen.

As per the details given, Yellen applauds the crypto executive order calling it ‘historic’ and the one that strikes the balance between responsible innovation and addressing consumer protection needs. As per details, Yellen says:

President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy.  This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.

It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.

Well, the news has got the crypto market rallying with Bitcoin (BTC) price shooting over 7% in the last few hours. Bitcoin is back above $41,500 as the broader cryptocurrency market registers 6% gains.

Details of the Crypto Executive Order

The U.S. Treasury noted that it will soon release a report on the future of money and payment systems while partnering with interagency colleagues. Yellen adds:

As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts.  Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.

The crypto market has been waiting for a long on the crypto executive order and how it shall impact the market. It seems like the Biden administration has taken a balanced approach rather than just taking a tough stand.

A positive crypto policy can probably help America gain an edge over its economic rivals, especially China, which has taken an entirely anti-crypto approach.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.