US crypto order: Mkts rally on Yellen's inadvertently published statement

The Biden administration is set to sign the executive order pertaining to cryptocurrencies. However, it appears that Treasury Secretary Janet Yellen's statement about the order got published by mistake ahead of it on the US Treasury department's website, which caused Bitcoin to rally over 8 per cent.

"Biden administration cryptocurrency executive order strikes the right balance between encouraging responsible innovation and addressing potential risks to consumers and the broader financial system," read the statement posted on the Treasury Department's website.

The statement, which was dated March 9, has since been removed.

It is noteworthy to mention that US President Joe Biden's executive order aims to address the US' lack of a framework for growth of cryptocurrencies, which opponents warn risks lagging behind the rest of the globe.

The statement caused a frenzy in the crypto markets. Bitcoin went up by over 8 per cent and other top tokens like Ethereum, BNB, Luna, etc. also started showing significant spikes in their value.

"The order will address the substantial benefits that the innovation could bring, while also addressing risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy," Yellen's statement read.

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) March 9, 2022

"The Treasury will partner with other agencies to compile a report on the future of money and payment systems," according to the statement. The department will also convene the Financial Stability Oversight Council to examine potential risks to financial stability and assess whether necessary safeguards are in place. It will also work with international partners "to promote robust standards and a level playing field."

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