Yesterday, Bitcoin broke through the $42,000 mark before gradually declining. Investors are raising concerns about the tightening of the U.S. restrictions on cryptocurrency trading. The U.S. Treasury Department announced how the government will deal with digital assets.
Bitcoin is currently up 7.43% to $41,884.47.
U.S. Treasury Secretary Janet Yellen lauded the White House for preparing an executive order requiring government agencies to expedite the study of the pros and cons of using cryptocurrencies.
Yellen stated that the statement outlines the innovative benefits of cryptocurrencies, including dealing with risks associated with illicit operations, protecting consumers and investors, and protecting against potential threats to the financial and economic system as a whole.
The U.S. Treasury Department will work with other agencies to prepare reports on future financial and payment systems. It will also hold a meeting with the Financial Stability Oversight Committee (FSOC) to assess financial stability risks and consider whether preventive measures should be taken.
In addition, the ministry will work with foreign partners to promote the standardization and modernization of the cryptocurrency investment market.
The U.S. Federal Reserve (Fed) is holding a public hearing on cryptocurrencies after releasing a study on the pros and cons of central bank digital currencies (CBDCs).
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Thursday, March 10, 2022