Now that the U.S. Congress and Senate have completed their hearings with Fb, U.S. Treasury Secretary Steven Mnuchin has set his regulatory sights on Bitcoin.


Elevated Regulation on the Desk Once more

It seems that the aftermath of the US Congress and Senate Banking Committee’ hearings on Fb’s Libra coin might current a brand new set of regulatory issues for cryptocurrency as a complete. On Thursday, US Treasury Secretary Steven Mnuchin promised that the U.S. will police cryptocurrencies with “very, very strong” laws and he pledged that underneath his watch,

We’re going to be sure that Bitcoin doesn’t change into the equal of Swiss-numbered financial institution accounts. 

Based on Mnuchin, stringent regulation will make sure that cryptocurrency transactions stay clear and forestall them from posing the identical type of shadow banking dangers that the Swiss system facilitates. Mnuchin instructed CNBC’s Squawk Field

I wish to watch out that anyone who’s utilizing Bitcoin no matter what the worth is – is utilizing it for correct functions and never illicit functions.”

Mnuchin additionally stated that “there are billions of dollars of transactions going on in Bitcoin and other cryptocurrencies for illicit purposes.”

Regulate Bitcoin? What concerning the greenback?

There’s a diploma of credibility to Mnuchin’s issues as there are quite a few situations of Swiss banks providing shoppers shadowy banking companies by the supply of numbered accounts that are solely identified to the account holder and a small circle of bankers. 

When requested whether or not Bitcoin’s use because the go-to foreign money for brokering unlawful transactions strikes it off as a legit foreign money, Mnuchin stated: 

I don’t assume that’s correct in any respect, that cash is laundered on a regular basis. We fight dangerous actors in the united statesdollar on daily basis to guard the U.S. monetary system.” 

Cryptocurrencies have come underneath the highlight this week as each legislative homes of the US authorities look into the precise nature of Fb’s Libra cryptocurrency. Google searches for Bitcoin are on the rise and most notably, searches for ‘Shitcoins’ have exploded after Congressman Warren Davidson used the time period throughout yesterday’s Congressional Libra listening to.

Do you assume the Trump Administration will make cryptocurrency regulation a precedence? Share your ideas within the feedback under! 


Pictures by way of Shutterstock, Twitter @SquawkCNBC

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