“Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Yellen said.
While Yellen’s comments have revealed a balanced approach, concerns about the use of cryptocurrencies for illicit funding remain. “The executive order will address risks related to illicit finance, protect consumers and investors, and prevent threats to the financial system and the broader economy,” Yellen’s statement said. The statement, dated March 9, was posted on the Treasury Department’s website late Tuesday and was removed shortly after publication.
This position on the part of the United States “would be a great step for digital assets, since regulation is one of the main risks for their valuation,” Ozkardeskaya commented on Bolsamanía, who pointed out that bitcoin has surpassed the u mark. $s41,000 “with the news”. The expert assures that the increases can continue since “we could see more increases towards 45 thousand dollars in the next few hours”.
Biden’s executive order, which is imminent, is expected to propose “broad oversight of the cryptocurrency market – including an executive order – to deal with the growing threat of ransomware and other cybercrime.”
Forecasts suggest that he will also instruct the Treasury, the Justice Department and other government agencies to outline a possible scenario for how the nation could adopt a central bank digital currency. The US has been considering this idea for some time, but has not yet taken a decisive step, while other countries, such as China, are far ahead.
Regardless of whether the “strategy” is cooperative for the cryptocurrency market or not, “this clarity from the government level is a long-term positive: hopefully institutions will have a deeper understanding of where they stand,” Sotiriou said. “I believe that the introduction of regulatory clarity in the US, while it makes innovation difficult at first, will ignite the next wave of money that will enter the cryptocurrency markets,” the expert added. And he concludes: “This is how a price of $100,000 to $500,000 for bitcoin is achievable in the next 5 years.”
Source: Ambito
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