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Senators and regulators explain why the $60 billion collapse of a major cryptocurrency is not the industry's Bear Stearns moment
The price of Bitcoin surges beyond $42,000 as Vice President Joe Biden outlines his vision for the future of cryptocurrencies, after Janet Yellen's disclosure of information.
- The price of bitcoin surged beyond $40,000 when a statement on Vice President Biden's crypto directive was issued in mistake.
- The White House has since confirmed that Janet Yellen made the comment in a crypto order fact sheet.
- The executive order, which has been in the works since January, will be signed on Wednesday.
On Wednesday, the price of Bitcoin surged beyond $40,000 when US Treasury Secretary Janet Yellen mistakenly divulged specifics of President Biden's forthcoming crypto directive, which was subsequently confirmed by a fact sheet.
"Presidential Executive Order No. 2 asks for an integrated approach to digital asset regulation. As a consequence of this strategy, the nation, consumers, and companies would benefit from responsible innovation that might lead to large gains "It was as said in the statement.
Although swiftly erased, former Fed Chair Yellen's message was preserved on the web by an Internet Archive and revealed important details about President Trump's executive order.
Illicit financing, consumer and investor protection, and financial system and broader economic dangers will also be addressed," it stated.
After Yellen's remark was erased and reprinted, the White House produced a fact sheet on the directive. Verification of Treasury Secretary's remarks may be found in a fact sheet.
Consumer and investor protection, financial stability, illicit finance, U.S. leadership in the global financial system, and economic competitiveness are among the six primary goals of the Order, according to an information sheet from the Office of the Comptroller of the Currency.
According to GlobalBlock's analysts, Bitcoin's price has been falling for the last week but has just risen due to the recent news.
"As critical details of Joe Biden's executive order on cryptocurrency were leaked, bitcoin surged 9% to nearly $42,000 this morning. Because the order appears innocuous, it has provided some clarification to the market "said GlobalBlock analyst Marcus Sotiriou.
The price of bitcoin was $42,206.92 at the time of this writing, up 8.11 percent in the previous day. After Yellen's message was released, Bitcoin first soared overnight on Wednesday, jumping from $38,807.34 at midnight to $42,250.54 by 9 a.m. GMT, according to statistics from CoinMarketCap.
Yellen's remark at the time was welcomed by the crypto community on Twitter, with Cameron Winklevoss praising the US government's careful approach.
.@SecYellen's statement on @POTUS's executive order on crypto was apparently posted early. Based on remarks, crypto EO is positive and calls for "coordinated and comprehensive approach to digital asset policy" that "will support responsible innovation."https://t.co/Z1URnWGzMu— Cameron Winklevoss (@cameron) March 9, 2022
According to Bloomberg's first story, the directive would have been signed in February. Multiple federal departments were tasked with assessing the hazards and possibilities presented by digital assets under Vice President Biden's administration. US government officials, according to Sotiriou, have never done this before in the history of the nation's administration.
"There has never been a more comprehensive US government strategy to supervising the financial industry, as it includes Treasury, the Financial Stability Oversight Council (FSOC), and the Federal Reserve.
The crypto ecosystem, as well as national security agencies "Then, he said.
In the meantime, ethereum surged 6.79 percent to $2,757.94 in the last 24 hours, while competitor smart contract platform terra luna jumped 21.62 percent to $98.62 in the same time frame.
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