The price of the Zcash (ZEC-USD) crypto is up 13% today, moving higher along with other digital coins and tokens after a copy of President Joe Biden’s executive order on cryptocurrencies was accidentally leaked online.
So what do you need to know?
This rally includes Zcash, which is up today on nearly twice the average trading volume.
What Happened With the ZEC Crypto
Last night, the Treasury Department published a statement surrounding an upcoming crypto executive order. Shortly afterwards, the documents were taken down from the government report. This move seems to have solidified expectations that Biden will sign the executive order today.
So far, investors seem to like the plan they caught a glimpse of. Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, posted on Twitter that the executive order is a “constructive approach to thoughtful crypto regulation.”
I applaud this constructive approach to thoughtful crypto regulation and look forward to working together with the various stakeholders to ensure that the US remains a leader in crypto.
— Cameron Winklevoss (@cameron) March 9, 2022
Why It Matters
The executive order is significant in that it is expected to clarify the government’s position on digital coins and tokens. Until now, the U.S. has not had a public policy or high-level framework for developing and regulating cryptocurrencies.
This lack of clarity has contributed to uncertainty and volatility in the cryptocurrency market. Continued threats by the U.S. Securities and Exchange Commission to bring forward regulations have also caused unease among traders. The clarity provided by Biden’s executive order, and the fact that it appears supportive of digital assets is sending cryptocurrencies such as Zcash sharply higher.
In addition to excitement over the promised clarity, it seems investors also are going to be looking for more privacy. Why? Even positive updates from the government will bring further scrutiny to crypto. This supports the moves higher in the ZEC crypto.
What’s Next for Zcash
We’ll get a better sense of the U.S. government view cryptocurrencies when Biden’s executive order is made public later today. But immediately, the leak of the document appears to have markedly improved sentiment around cryptocurrencies and brought relief to investors.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.