A now-deleted press release from the office of Janet Yellen details how the Treasury would respond to U.S. President Joe Biden’s executive order on cryptocurrency.
What Happened: “Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” the statement read.
The department would also convene the Financial Stability Oversight Council to “evaluate the potential financial stability risks” of digital assets in order to assess whether appropriate safeguards are in place.
Biden’s executive order calls for a coordinated and comprehensive approach to digital asset policy, stated Yellen. The Secretary of the Treasury stated that this approach would support responsible innovation and could result in “substantial benefits for the nation, consumers and businesses.”
Why It Matters: Bitcoin BTC/USD gained 8% on Wednesday, reaching an intra-day high of $41,632 shortly after Yellen’s notes were released.
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