The crypto -related executive order decision seems to have brought a positive response in the wake of an unintentional incident that took place a moment ago.
It is understood the United States Treasury Department (US) has published a ‘reply’ to the details and statement of the executive order from the president, Joe Biden on the cryptocurrency.
As a result, the crypto market showed positive movement with Bitcoin (BTC) jumping over 8%, trading at $ 42,042 at the time of this writing, followed by the price of altcoins which also rose.
Based on an official statement on the Treasury Department website, the decision of the executive order shows Biden lends support to the growth of the crypto market:
Call for a comprehensive approach to digital asset policy and ask all government agencies involved to coordinate their tasks.
The parties involved are also responsible for the innovation of digital assets, while being able to bring benefits to the country, consumers, and businesses.
Efforts to address risks related to illicit finance, consumer and investor protection; restrictions on the threat of digital assets to the country’s financial and economic system will be taken up widely.
The Treasury will work with inter -agency colleagues to produce reports on the future of money and payment systems.
A Financial Stability Monitoring Council will be convened to assess the financial stability risks of digital assets and monitor whether appropriate safeguards have been implemented.
Collaboration with international partners will be implemented to promote sustainable standards for digital assets.
While this statement is still unofficial as it should have been announced tonight Malaysian time, investors need to know that Biden's executive order does not signal the implementation of the framework and legislation on cryptocurrencies.
But Bitbank market analyst Yuya Hasegawa described the decision as an acceptance of the crypto market by focusing on the growth of the digital assets industry.
Gemini platform founder Cameron Winklevoss did not fail to share his opinion on this answer - "an approach that is full of fair and equitable consideration."
The opportunity for digital assets to be accepted by monitors across the country seems bright with this news.
Anyway, it’s still too early to get excited because the journey of this industry is just beginning.
