Cameron Winklevoss, of Gemini, said Yellen’s remarks support Yellen’s goal of promoting responsible innovation through the crypto order.
Bitcoin (BTC) surged early Wednesday, propelling the broader crypto market higher after U.S. Treasury Secretary Janet Yellen’s inadvertently published remarks revealed that President Joe Biden’s upcoming crypto order would take a constructive approach to regulate the digital asset industry.
“A presidential executive order on cryptocurrencies would support responsible innovation’ by coordinating U.S. policy across agencies,” Yellen said in a statement that was supposed to be released on Wednesday but was only released late Tuesday.
“Under the executive order,” Yellen added, “Treasury will collaborate with interagency colleagues to produce a report on the future of money and payment systems.”
After CoinDesk reported Yellen’s comments, Bitcoin gained a bid and rose nearly 7% to $41,900, calming market nerves. According to CoinDesk data, other prominent cryptocurrencies such as ETH, SOL, and LUNA followed suit.
“Based on remarks, crypto EO is positive and calls for a coordinated and comprehensive approach to digital asset policy that will support responsible innovation,” Cameron Winklevoss of Gemini Trust tweeted.
“I applaud this constructive approach to thoughtful crypto regulation and look forward to working with the various stakeholders to ensure that the United States continues to be a leader in crypto,” Winklevoss added.
The White House’s long-awaited executive order on cryptocurrencies has recently gotten a lot of attention, thanks to speculation that wealthy Russians may be using bitcoin and dollar-pegged stablecoins to avoid Western economic sanctions. As a result, several analysts have expressed concern that the Biden administration will take a hard line against the evolving crypto sector.
While Yellen’s remarks revealed a balanced approach, concerns about cryptocurrency’s use for illicit financing remain. “The executive order will address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy,” Yellen said in a statement that has since been removed.
The statement, dated March 9, was posted on the Treasury Department’s website on Tuesday night and was quickly removed.