Markets have come back to life after a sluggish week following an accidental leak thanks to Treasury secretary Janet Yellen's web team, which accidently posted her statement too early.
For a brief period her site referenced what's planned for later today as already happening, and shared her reaction:
"President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses."
The page now says "Access denied—You are not authorized to access this page."
Markets reacted to the positive tone and investors quickly added another $15 Billion to the total crypto marketcap following the leak.
Markets reacted to the positive tone and investors quickly added another $15 Billion to the total crypto marketcap following the leak.
That was enough to end fears that a crypto crackdown was coming...
We now know Biden's executive order simply instructs federal agencies to investigate the need for crypto-related regulatory changes, along with any national security and economic issues relating to bitcoin and other cryptocurrencies.
While not based anywhere in reality - crypto is seen by most of the public as 'unregulated'...
Which many say is holding crypto back more than we realize.
Which many say is holding crypto back more than we realize.
For years now, many of Wall Street's biggest investors have pointed to a supposed 'lack of regulations' over crypto as their reason for not investing - which is why it has drawn so many people who generally like the idea of the government staying out until truly appropriate.
Ironically, you can make an argument that everything we need the government to do is already a law - it's illegal to lie to investors, it's illegal to hack, it's illegal to steal - that covers pretty much everything.
Notice how no arrests of scammers have ended with their court cases dismissed after they pointed out 'but we used crypto'? Because the laws already cover any theft or misleading of someone in a way that causes them to lose assets that have a monetary value, is a crime.
Big Finance Weighs In...
The traditional finance world wants laws that cover crypto specifically - and it looks like their wish will be granted..
Some of the leading companies in the financial sector have made predictions on what could come following reasonable regulations that could give skeptical investors the confidence they need to finally dive in - with JPMorgan predicting $146,000 in Bitcoin's future and Bloomberg predicting it could hit $400,000.
Where This Leaves Us...
It's still important to remember that this is the beginning of a process - Biden has requested Federal agencies to submit their analysis of what is needed for cryptocurrencies to function within our legal framework - and we have no idea what their answers will be.
Let's hope today is an indication of the tone this process will continue to have moving forward.
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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com
Silicon Valley Newsroom
Where This Leaves Us...
It's still important to remember that this is the beginning of a process - Biden has requested Federal agencies to submit their analysis of what is needed for cryptocurrencies to function within our legal framework - and we have no idea what their answers will be.
Let's hope today is an indication of the tone this process will continue to have moving forward.
-------
Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com
Silicon Valley Newsroom
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