U.S. Treasury Secretary Janet Yellen’s statement pumps crypto market


The current Executive Order plan of the US and inadvertently statement of the US Treasury Secretary worked as a catalyst to boost the price of Bitcoin. 

Janet Yellen, US Treasury Secretary, recently passed her statement on the ongoing “Executive Order on Cryptocurrencies” plan of the US government. 

The Treasury Secretary stated that the “Executive Order on Cryptocurrencies’ ‘ will give a better regulation system on crypto industry positively. 

“A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates U.S. policy across agencies.”

Yellen also noted that under the collaborative approach of the executive order, the Treasury will examine and give reports on the adoption of this industry in the payment system.

“Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems.”

Due to this positive news, the crypto market saw a huge inflow of money and also a significant increase in the price of leading crypto assets like bitcoin, Ethereum, etc. 

At the time of writing this article, the price of Bitcoin is standing at $42,142, which is 8.21% higher over the last 24 hours. 

U.S. Treasury Secretary Janet Yellen's statement pumps crypto market 1

Ethereum surged and touched $2,774 and the current price is 6.18% high over the last 24 hours. 

Cameron Winklevoss, from Gemini Trust, tweeted on the executive order on the Cryptocurrencies plan of the US government and claimed that EO will bring a better result for the crypto industry, in favour of adoption. 

“Executive order on Cryptocurrencies” came into the spotlight  a long time back but never grabbed attention. But the recent critical geopolitical situation due to war efforts between Russia vs Ukraine & financial Sanctions on Russia, forced the US government to work more fastly on this old initiative to stop Russia to bypass financial Sanctions with the help of Cryptocurrencies.

Read also: “executive order on cryptocurrencies” under urgency amid Russia vs Ukraine tension