Bitcoin spiked as much as 9% earlier today after U.S. President Joe Biden announced his highly anticipated executive order on cryptocurrencies, taking a supportive stance towards the industry (via CNBC News).
Bitcoin was last trading at $42,284 following the executive order, with other cryptocurrencies including Ether also getting a hike. The rally began just after 6 p.m. ET on Tuesday after the Treasury published details and a statement online in response to the upcoming executive order from the U.S. president on digital assets.
I applaud this constructive approach to thoughtful crypto regulation and look forward to working together with the various stakeholders to ensure that the US remains a leader in crypto.
— Cameron Winklevoss (@cameron)
President Biden’s policy calls for measures to protect American consumers, investors, and businesses, as well as to protect the U.S. and the global financial system and mitigate systemic risk. The order was broadly welcomed by the cryptocurrency industry and investors.
Biden’s executive order attempts to address the lack of a framework for the development of cryptocurrencies in the U.S., which critics say could leave the country’s industry behind the rest of the world.
“The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate,” the executive order says.
Treasury Secretary Janet Yellen said in her statement that the executive order “calls for a coordinated and comprehensive approach to digital asset policy.”