Clearings in sight – The dreaded tsunami of regulations about cryptocurrencies will it end up as a simple ripple ? While the threat to Bitcoin (BTC) and its Proof of Work (PoW) was already moving away with the removal of any negative mention in the MiCA Law European, a big blunder of Janet YellenUS Treasury Secretary, also announces from positive on the Washington side.
Oops, the good news for Bitcoin was not supposed to come out so soon!
For several weeks now, the cryptosphere has been feverishly awaiting Joe Biden’s executive orders on crypto-assets. If a heightened surveillance crypto transactions was already obviously on the menu, a lot of fears were hovering – up to possible bans.
Thanks to a clumsiness of the services of the US Treasury Secretary – Janet Yellen (former Fed chair) -, the wait will be much less hard. Indeed, although his statement was erased Since then, Web Archive allows us to know the content.
Obviously published a day too earlythis statement was intended to comment on the publication of the executive orders by Joe Biden on cryptocurrencies, which are a priori scheduled for this Thursday, March 10. Given the comments of the Treasury Secretary, these decrees should go globally in the right direction for the crypto sector:
“President Biden’s landmark executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could lead to substantial benefits for the nation, consumers and businesses. (…)”.
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More fear than harm for cryptos in the USA?
As one might expect, however, Janet Yellen’s press release cannot help associating Bitcoin and cryptocurrencies with risks of “Illicit Funding”and also talks about “preventing threats to the financial system”.
But the tone remains, as a whole, very constructive. The secretary to the treasure thus evokes a work of her services in goodwill with users and professional players in the crypto sector:
“Under this executive order, the Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. (…) In this important work, we will be guided by consumer and investor protection groups, market participants and other leading experts. (…)”
Janet Yellen even promises to promote a financial system “more equitable, more inclusive and more effective”. However, we will have to wait until tomorrow to be sure of the positive tenor of these directives from the White House, especially concerning the details of bitcoin and crypto monitoring by US agencies. The market seems in any case optimistic, with a BTC which has again surpassed the resistance of $40,000.
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