Kevin Buckland and Tom Westbrook

TOKYO (Reuters – A rally in cryptocurrencies was led by a U.S. Treasury Statement that appeared prematurely published on Wednesday. This statement dispelled market concerns about a sudden tightening U.S. regulation around digital assets.

Janet Yellen, Treasury secretary, said that President Joe Biden had issued an executive order concerning virtual currencies. She “demands a coordinated and complete approach to digital assets policy (that will) support responsible innovation”. CoinDesk had an archived copy of this release.

The U.S. Treasury Department didn’t immediately reply to Reuters’ email request for comment regarding the statement after business hours.

According to a source, Biden will sign the long-awaited executive orders this week, which directs the Justice Department and Treasury to examine the economic and legal implications of creating the U.S. central banking digital currency.

Last year, the White House stated that it is considering an extensive oversight of cryptocurrency markets to combat ransomware attacks and other forms of cybercrime.

According to Matthew Dibb (COO, Stack Funds, a Singapore-based crypto platform, the statement seems to suggest that U.S. authorities won’t take any rapid, major regulatory action as yet and will likely adopt a more coordinated, objective approach over time,” which led cryptocurrencies to rally.

Bitcoin rose 7.2% to $41,515, marking its largest gain since February 28, and smaller peer ether gained 5.3% to $2715, also on track to record its highest day of the month.