Bitcoin Surges 9% Following Biden’s Executive Order 

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On Tuesday evening a statement from US Secretary of Treasury Janet Yellen intended for release on Wednesday, was leaked regarding President Biden’s executive order on Bitcoin and ”cryptocurrency”.

Immediately following the release on the Treasury’s website the statement was removed, but circulated Bitcoin Twitter at a rapid pace as Bitcoin has pumped over 9% to $42,400 as of this writing.

The Leak From Yellen’s Office

The statement from Yellen is now available on the US Treasury website, but access was removed rather swiftly leaving this for those searching for Yellen’s statement.

Details From Biden’s Executive Order

Yellen included this in her statement on the executive order.

“This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.  It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy,” the Treasury Secretary said.

There was no direct mention of Bitcoin in the order, but stablecoins and DeFi were labeled as risk areas for stability. Yellen went on to say that the order is designed to drive competitiveness and leadership in the field of digital assets and for agencies to integrate as a policy priority.

Brian Deese and Jake Sullivan, the head economic and national security advisers to the Biden administration had this to say on the executive order.

“The order establishes the first comprehensive federal digital assets strategy for the United States,”Deese and Sullivan said Wednesday in a joint statement. ”The strategy will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness.”

A lot can change in 24 hours, in this case ”sell the rumor, buy the news.” This news has Bitcoin on a roadmap to hyper-Bitcoinization.

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