The US government has accidentally leaked its plans for cryptocurrency a day before it was set to make an official announcement, according to reports.
For the first time in US history, President Joe Biden was going to release an executive order on cryptocurrency and how it will be regulated in the US on March 9 local time (later tonight on Australian time).
Crypto enthusiasts have been waiting with bated breath, with rumors for months that regulations were headed for the industry which has a market capitalization of US $1.76 trillion (A$2.42t) at the time of writing.
However, just past 1 pm AEDT, an official press release about the executive order from US Treasury Secretary Janet Yellen appeared online before being quickly taken down, CoinDesk reported.
The exec order aims to facilitate innovation within the cryptocurrency space while also ensuring protections for consumers and investors, according to the leaked release.
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Ms. Yellen said the department would “support responsible innovation” as well as make sure to “complement” existing plans for regulations in the industry.
“Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Ms. Yellen said.
“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.”
Later on, she added: “Treasury will work to promote a fairer, more inclusive, and more efficient financial system while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”
Ms. Yellen also revealed the department would continue working with the Financial Stability Oversight Council, which published a report looking into stable coins and decentralized finance last year.
That report concluded that both were potential risks for the US economy if not regulated properly. It’s expected President Biden will sign the executive order on Wednesday local time. Source: News.