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US Treasury Secretary Promises “Significant New Requirements” on Cryptocurrency

US Treasury Secretary Promises “Significant New Requirements” on Cryptocurrency

Though the Democratic presidential race within the United States could have misplaced its most forward-thinking candidate in the case of cryptocurrency, that doesn’t imply it’s not nonetheless a scorching button problem throughout celebration strains. The variety of patents and corporations related to cryptocurrencies and blockchains continues to rise within the US market, making it each an financial and political problem in 2020.

The United States Senate held a listening to to go over the 2021 price range on Wednesday. While defending Trump’s $four.eight trillion proposal, Senator Maggie Hassan (D-NH) requested a query concerning cryptocurrency: 

“How will the Treasury’s proposed budget increase in monitoring suspicious cryptocurrency transactions and prosecuting terrorists and other criminal organizations financing illicit activities with cryptocurrency?” 

Secretary of the Treasury Steven Mnuchin replied on digicam:

“…we’re about to roll out some significant new requirements at FinCEN [Financial Crimes Enforcement Network]. We want to make sure that technology moves forward but on the other hand, we want to make sure that cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts.”

The Future of Crypto and Blockchains within the U.S.

Military contractors within the United States have already proven their willingness to assist corporations embracing blockchain, and even the federal reserve sees the potential for digital forex. The Secretary’s feedback allude to larger transparency with cryptocurrency to forestall cash laundering.

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