U.S. Treasury submits report in support of blockchain sandbox

According to China Financial Information Network, Treasury Secretary Steve Mnuchin suggested in a report to U.S. President Donald Trump this August that measures be taken to support fintech and financial innovation, including the implementation of a regulatory sandbox . This report analyzes the current monetary system and proposes a thorough reform of cryptocurrencies to foster new technologies in a weakened regulatory environment. The U.S. Treasury acknowledges the rise and rapid development of cryptocurrencies and blockchain technology, and states that blockchain and distributed ledger technologies are currently under the direct management of the U.S. Financial Stability Oversight Board. The U.S. government supports this technology and has stated that it will promote Regulations on the growth of emerging industries are critical to the overall regulatory system.