Today, the US Secretary of the Treasury, Jannet Yellen disclosed some details of President Joe Biden’s crypto executive order. According to the publication, the much awaited paper defines a detailed approach to digital currencies. It’ll support responsible innovation due to which the country, consumers, and business operators could benefit. The document will address risks related to illicit activities, protecting investors.
Related: The US Treasury Presented a Report on Stablecoins
The Treasury together with other agencies will release a report on the future of money and payment methods. In addition, the possible financial stability risks of digital currencies will be assessed to make certain that all the necessary measures are taken. The statement mentions that given the important role of digital assets in multinational transactions, the agency will collaborate with its global partners to maintain high standards.
After the statement went public, the prices of cryptocurrencies increased. In the last 24 hours, Bitcoin gained around 8% and currently trades at above $42,300. The Ether price went up by around 7%, surpassing $2,700. The total crypto market cap increased by 6.3%, going over $1.85 trillion.