- A statement on Biden's
crypto order was released in error, causingbitcoin 's price to jump above $40,000. Yellen 's statement has now been verified as a crypto order fact sheet released by the White House.
Bitcoin rose above $40,000 on Wednesday as US Treasury Secretary Janet Yellen accidentally revealed details of President Biden's impending crypto order, which was later followed by a fact sheet confirming her statement.
"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 statement said.
Former Fed Chair Yellen's statement was released a day early in error, and despite being deleted quickly it was captured on a web archive, revealing key insights into the president's order.
"It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy," it read.
The White House has since released a fact sheet on the order after Yellen's statement was deleted and reposted. The fact sheet verifies the comments made by the Treasury secretary.
"The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation," the fact sheet reads.
Bitcoin's price is down over the past week, but shot up as the news broke, according to analysts at GlobalBlock.
"Bitcoin rallied 9% to over $42,000 this morning, as key points from Joe Biden's executive order on crypto have been leaked. The order seems relatively benign, hence giving the market some clarity," said Marcus Sotiriou, an analyst at GlobalBlock.
At the time of writing, bitcoin was priced at $42,206.92 up 8.11% over the past 24 hours. Bitcoin initially spiked overnight on Wednesday after Yellen's statement came out, rising from $38,807.34 at midnight to $42,250.54 at 9 a.m. GMT, according to CoinMarketCap data.
The crypto community took to Twitter to welcome the statement by Yellen at the time, with Cameron Winklevoss telling his followers that he applauds the US governments thoughtful approach.
—Cameron Winklevoss (@cameron) March 9, 2022
The order was first reported by Bloomberg in January and was initially expected to be signed in February. Biden's administration was seen tasking multiple federal agencies with evaluating risks and opportunities that digital assets pose. This has now been confirmed by the fact sheet and represents a first for the US government, according to Sotiriou.
"This is the "first ever, whole-of-government" approach to overseeing the sector in the US as it calls on the Treasury, Financial Stability Oversight Council, Federal Reserve and national security agencies to work on relevant sections of the crypto ecosystem," he said.
Elsewhere, ethereum was up 6.79% over the past 24 hours to $2,757.94, while rival smart contract platform terra luna shot up 21.62% in the same period, pushing towards $100 at $98.62.