US Treasury Secretary promises “substantial new requirements” for cryptocurrency

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Although the Democratic presidential race in the United States has lost its most progressive candidate when it comes to cryptocurrency, this does not mean that it is still not a hot button problem between the party lines. The number of patents and companies associated with cryptocurrencies and block chains is continuing to rise in the US market, making it both an economic and a political issue in 2020.

The United States Senate held a hearing on Wednesday to exceed the 2021 budget. While defending Trump’s proposal for $ 4.8 trillion, Senator Maggie Hassan (D-NH) asked a question about cryptocurrency:

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

Finance Minister Steven Mnuchin responded on camera:

“… we are about to roll out some important new requirements at FinCEN [Financial Crimes Enforcement Network]. We want to ensure that technology progresses, but on the other hand, we want to ensure that cryptocurrencies are not used for the equivalent of old Swiss secret bank numbers. “

Military contractors in the United States have already shown their willingness to support companies that embrace blockchain, and even the federal reserve sees the potential for digital currency. The Secretary’s remarks refer to greater transparency with cryptocurrency to prevent money laundering.

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Notes: 0Audience: 3175Registration: 11-07-2018

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