Monero, a privacy coin, has increased by 18%. In the previous 24 hours, crypto markets received $108 billion in inflows. The data shows a slow increase beginning at 22:00 (GMT) Tuesday, followed by a strong increase at about 03:00 (GMT).
Analysts believe this is due to a leak from the US Treasury ahead of President Biden’s executive order on digital assets, which is likely to be signed later on Wednesday. However, Treasury Secretary Janet Yellen issued an early comment on the executive order, which has subsequently been removed. Although crypto markets reacted positively to the leak, as evidenced by Monero’s rare pack leading position, privacy advocates had a different perspective.
According to Yellen’s leak, the Biden Administration aims to adopt a “coordinated and comprehensive approach to digital asset policy.” It went on to claim that the programme would “encourage prudent innovation,” which would result in significant benefits for all.
However, it also emphasised “preventing threats” to the financial system, which leads to the question of what the Biden Administration deems a threat.
In the context of cryptocurrencies, authorities often use phrases like “illicit finance” and “terrorist financing” to enforce unfair policies. For example, prior to Russia’s reversal on the Bitcoin prohibition, the Russian central bank used identical terminology in early February.