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Saturday, April 1, 2023

Cryptos soar after accidental release of coming executive order (Cryptocurrency:BTC-USD)

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Whoops! Currencies across the cryptoverse took off overnight after the inadvertent publishing of remarks from Treasury Secretary Janet Yellen (see movement below). In a statement that was posted to the Treasury’s website – which has since been deleted – Yellen voiced a balanced approach to the development of the crypto sector, as well as a constructive stance on regulating the industry. The declaration is set to be republished later today, but traders have already made a quick buck off the accidental release.

Excerpt: “A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates U.S. policy across agencies. Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. 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.”

Some work to form the government’s crypto policy has already been done, like last year’s stablecoin report from the President’s Working Group on Financial Markets. Congressional committees in recent months have also ramped up hearings on cryptocurrency, but the new executive order will coordinate a broader strategy for the nearly $2T crypto market. The Treasury will also work with international partners “to promote robust standards and a level playing field.”

Big gains: Bitcoin (BTC-USD) +8% to $41,791, Ethereum (ETH-USD) +7% to $2,730, Bitcoin Cash (BCH-USD) +6% to $300, Monero (XMR-USD) +23% to $199, Litecoin (LTC-USD) +5% to $106, Terra (LUNA-USD) +20% to $97.23, Solana (SOL-USD) +7% to $89.23, Cardano (ADA-USD) +4% to $0.85 and XRP (XRP-USD) +5% to $0.75.


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