(Reuters) – Bitcoin soared on Wednesday when President Joe Biden signed an executive order that requires US government agencies to assess the benefits and risks of creating a central bank digital dollar and other cryptocurrency issues.
The executive order potentially expands the adoption of virtual currencies in the US financial system.
Biden’s order would require the Treasury Department, the Department of Commerce and other key agencies to prepare reports on the “future of money” and the role of cryptocurrencies.
“With the recent sanctions regime as a result of the war in Ukraine, it is doubly imperative that we have a regulatory framework for digital assets that combats illicit finance, and poses risks to financial stability and national security,” Michael said. Pearson, managing partner at the law firm FisherBroils.
The White House said last year that it was considering broader surveillance of the cryptocurrency market — including an executive order — to combat the growing threat of ransomware and other cybercrime.
In afternoon trading, bitcoin rose 9.1% to $42,280, on track for its biggest percentage gain since February 28, while smaller peer Ether, the coin tied to the Ethereum blockchain network, rose 6.3% to $2,740. , it is also set for your best day. Month.
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“At 21Shares, we have always believed that the best way to introduce and expose investors to crypto is through a secure and regulated approach,” said Honey Rashwan, chief executive officer and co-founder of 21Shares, the crypto exchange. The world’s largest provider of business products.
“Today’s action will help America establish itself as a leader in crypto for years to come.”
US exchange-traded funds (ETFs) tracking bitcoin futures that received regulatory approval late last year also jumped. The ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF rose 9.8% and 10.2%, respectively, in early trading.
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US crypto miners that act as a proxy for moves in digital coins are also advanced. Riot Blockchain added 11.9% and Marathon Digital Holdings by 14.6%, while crypto exchange Coinbase Global Inc added 9.4%.
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