Bitcoin rises 8% after accidentally leaking favorable legislation – BTC Direct

That’s a nice start to the day, the crypto markets are in the green. Bitcoin is up 8.25% in the past 24 hours and Ethereum is also showing its good side with a growth of 7.6%. The increases appear to coincide with the accidental leak of the new crypto law on an official US government website.

The article was deleted almost immediately, but fortunately there are screenshots. Before we look at the new law, first the bitcoin price and the date. Yesterday we wrote that Wednesday 9 March (today) could be an important day for bitcoin.

Leaked too early

Which items about this new legislation. Due to the time difference with the US, the accidental sharing of this new law took place on Tuesday (in the US).

Right now it’s the middle of the night in the US and many don’t wake up until after our lunchtime. Sometime during our afternoon or evening, the new legislation will be officially shared.

But at least the crypto markets have responded positively to the message that was shared only briefly.

Start is positive

The accidentally shared statement was written on behalf of Janet Yellen, the US Treasury Secretary. It states that the executive order could bring “substantial benefits to the country, consumers and businesses.” So that starts off very positive.

“It will also address the risks associated with illegal financing, protect consumers and investors, and prevent threats to the financial system and the wider economy.”

That may come across as menacing language, but it is nothing more than what every politician in the world has ever said about crypto. At the same time, it is quite interpretable, allowing legislators to implement it in a variety of ways.

Looking beyond national borders

Yellen also described the next step the Treasury Department will take to understand crypto and how to regulate it within the rules of the executive order.

To aid the Treasury Department in its efforts, other government bodies will work together to prepare a report “on the future of money and payment systems”. This does not only look within national borders, but also includes large, international players to “promote robust standards and a level playing field”.

Collaborate with other government bodies

The Treasury Department will also convene the Financial Stability Oversight Council to determine whether “appropriate protections” exist. It’s not entirely clear what Yellen means by this, but she’ll probably come back to that this afternoon or tonight.

In any case, these “appropriate protections” are added to the ongoing work Yellen said her division has already undertaken with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency regarding the regulation of stablecoins.

Influence on the Netherlands?

If you think, what does this have to do with us? This is regulations from a country far away, America is not our boss. You’re right about the latter, but the post suggests that the executive order will have global implications as “we will work with our international partners to promote robust standards and a level playing field.”

There is a good chance that Yellen is referring to Canada and the EU.

Words, not deeds

Yellen also said her ministry will continue to work together to protect consumers and will continue to speak with experts.

“Treasury will work to promote a fairer, more inclusive and efficient financial system, while building on our ongoing work to curb illicit financing and prevent risks to financial stability and national security.”

For the time being, it is not clear what will happen in concrete terms, and you mainly read what they are planning in general. If you have nothing to do, you can read the message from Minister of Finance Janet Yellen read back here.

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