June 13, 2024

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Bitcoin (BTC) Jumps After Treasury Statement Regarding Cryptocurrency Executive Order

Bitcoin (BTC) Jumps After Treasury Statement Regarding Cryptocurrency Executive Order

Slim Kurkotta | Anadolu Agency | Getty Images

Bitcoin and other cryptocurrencies after the US Treasury apparently released details of an executive order from President Joe Biden that appeared to take a supportive stance on digital assets.

Bitcoin was trading at $41,584.21, up 9% as of 2:17 AM ET, according to data from CoinDesk. Other cryptocurrencies including ether It was also sharply higher.

The rally began just after 6 p.m. ET on Tuesday after the Treasury released details and a statement online in response to an upcoming executive order from the US president regarding cryptocurrencies. Treasury Secretary Janet Yellen’s statement was not released soon after.

Reuters Other news outlets reported earlier this week that Biden’s crypto-order is imminent.

The now-deleted Treasury statement said the executive order calls for a comprehensive approach to digital asset policy and that government agencies will coordinate their work.

Traders are still waiting for the final executive order, but the Treasury’s fleeting statement, which appeared to be supportive of cryptocurrency, was enough to bolster optimism.

“The leaked Treasury statement was welcomed by the crypto market as it appears to focus on developing the industry, rather than imposing unrealistic regulations,” Yuya Hasegawa, market analyst at Japanese crypto exchange Bitbank, told CNBC.

Cameron Winklevoss, co-founder of crypto exchange Gemini, described the executive order as a “constructive approach to thoughtful crypto regulation.”

While countries like China are looking to crack down on cryptocurrency trading, others like El Salvador have embraced it. But the United States does not currently have a high-level framework for developing and regulating cryptocurrencies, which has raised concerns that it could be left behind.

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Last year, US cryptocurrency exchange Coinbase said A new regulator must be created To oversee the digital asset market.