Leak Reveals Biden’s Crypto Plans—Sending The Price Of Bitcoin, Ethereum, BNB, Solana, Cardano, XRP, Terra’s Luna And Avalanche Higher

Bit­coin and cryp­tocur­ren­cy prices have soared fol­low­ing the pre­ma­ture pub­li­ca­tion of a U.S. Trea­sury state­ment on a long-await­ed Biden admin­is­tra­tion exec­u­tive order.

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The bit­coin price has leaped to over $40,000 per bit­coin, up 10% on the last 24 hours, after crash­ing under the psy­cho­log­i­cal lev­el in the after­math of the Russ­ian inva­sion of Ukraine. 

Ethereum and oth­er top ten coins BNB, solana, car­dano, XRP and avalanche are all up between 5% and 8% while Ter­ra’s luna pay­ments coin has left bit­coin, ethereum and oth­ers in the dust, adding a blis­ter­ing 20%.

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MORE FROM FORBES’Bit­coin To $100,000 In Two Years’-A For­mer White House Press Sec­re­tary Issued A Huge Cryp­to Price Pre­dic­tionBy Bil­ly Bambrough

“A pres­i­den­tial exec­u­tive order on cryp­tocur­ren­cies would ‘sup­port respon­si­ble inno­va­tion’ as it coor­di­nates U.S. pol­i­cy across agen­cies,” Trea­sury sec­re­tary Janet Yellen wrote in a state­ment that was briefly pub­lished on Tues­day evening before being removed but not before being spot­ted by Coin­desk reporters. The web­page now reads: “Access denied—You are not autho­rized to access this page.”

The news calmed bit­coin and cryp­to investor fears that the exec­u­tive order, set to be signed on Wednes­day by U.S. pres­i­dent Joe Biden accord­ing to reports ear­li­er this week, would mean a broad crack­down on the red-hot bit­coin and cryp­to market.

“The order seems rel­a­tive­ly benign, hence giv­ing the mar­ket some clar­i­ty,” Mar­cus Sotiri­ou, an ana­lyst at the U.K.-based dig­i­tal asset bro­ker Glob­al­Block, wrote in an emailed note. “As many investors had pre­pared for the down­side risks of this event by wait­ing on the side lines, we are see­ing many buy bit­coin back in what appears to be a spot-dri­ven rally.”

“Based on remarks, cryp­to [exec­u­tive order] is pos­i­tive and calls for coor­di­nat­ed and com­pre­hen­sive approach to dig­i­tal asset pol­i­cy that will sup­port respon­si­ble inno­va­tion,” Cameron Win­klevoss, the co-founder of the New York-based Gem­i­ni cryp­to exchange, said via Twit­ter.

“Under the exec­u­tive order, Trea­sury will part­ner with inter­a­gency col­leagues to pro­duce a report on the future of mon­ey and pay­ment sys­tems,” Yel­len’s now removed state­ment read. “Because the ques­tions raised by dig­i­tal assets often have impor­tant cross-bor­der dimen­sions, we’ll work with our inter­na­tion­al part­ners to pro­mote robust stan­dards and a lev­el play­ing field.”

Biden’s exec­u­tive order is expect­ed to instruct a clutch of fed­er­al agen­cies to inves­ti­gate the need for cryp­to-relat­ed reg­u­la­to­ry changes, as well as the nation­al secu­ri­ty and eco­nom­ic impact of bit­coin and oth­er cryptocurrencies.

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“The exec­u­tive order is call­ing for a ‘coor­di­nat­ed and com­pre­hen­sive approach to dig­i­tal asset pol­i­cy,’ and in leaked doc­u­ments it seems to already being cham­pi­oned by Janet Yellen, the U.S. Trea­sury sec­re­tary,” Nigel Green, the chief exec­u­tive of finan­cial advi­so­ry group deVere, wrote in emailed comments. 

“His­to­ry will judge Biden sign­ing this exec­u­tive order to instruct depart­ments across Wash­ing­ton to study dig­i­tal cur­ren­cies as a land­mark moment.”