US Treasury Secretary: FinCEN will release new crypto regulatory requirements

U.S. Treasury Secretary Steven Mnuchin said at a Senate Finance Committee hearing Wednesday that the US Financial Crimes Enforcement Network (FinCEN) will issue new requirements related to cryptocurrencies.

According to TheBlock, although not providing much details, Mnuchin said at the hearing that "especially in the cryptocurrency field, we have spent too much time between institutions and regulators." He said he would raise some important points on FinCEN New requirements, but he did not give specific implementation time.

Mnuchin added, "We want to ensure that technology moves forward, but on the other hand, we need to ensure that cryptocurrencies do not become accounts of Swiss secret banks." He said the work is currently underway and the main purpose is "to enable law enforcement People can see where the money is going and make sure it is not being used for money laundering. "

He also specifically mentioned the stablecoin tied to the fiat currency issued by the government. Mnuchin said, "We do think that technology can greatly reduce the processing of payments, especially for small US dollar cross-border payments."

In July 2019, Mnuchin issued a press conference to the White House on regulatory issues related to cryptocurrencies. He said at the time, "Cryptocurrencies such as Bitcoin have been used to support billions of dollars in illegal activities such as cybercrime, tax evasion, extortion, illicit drugs and human trafficking. We do not allow digital asset service providers to secretly It will not tolerate the use of cryptocurrencies to support illegal activities. "

Image source: Pixabay

Author Xiu MU

This article is from bitpush.news. Please reprint the source.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

How terrible is the IEO? 62% of 87 projects broke, with a maximum loss of 99%

87 IEO projects, raising more than 2 billion, 62% broken "Bitcoin is about to plummet to $5,000." "Cry...

Blockchain

The exchange is frequently stolen, and where is the security of digital currency going?

In the food chain of digital currency, the exchange has always stood at the top. But if you want to wear a crown, you...

Market

What impact does BlackRock's submission of a physical Bitcoin ETF application have on the industry?

According to a public document, on the afternoon of June 15th, New York time, investment management giant BlackRock s...

Market

Crypto Firms on the Move: Wallets Shaking and Bacon at Lighting Speed!

FTX and Alameda sent $10 million worth of popular tokens (LINK, MKR, COMP, ETH, and AAVE) to a wallet address, which ...

Blockchain

Alameda Research's $200M Blow A Tale of Phishing Attacks and Poor Security Practices, as Confessed by Ex-FTX Engineer

Aditya Baradwaj has revealed that a file containing blockchain private keys and exchange API keys was left vulnerable...

News

Exclusive speech by Li Xiaojia, the Hong Kong Stock Exchange: In the 5G era, technologies such as blockchain will give birth to new exchanges and trading models.

On March 31, Li Xiaojia, Chief Executive Officer of the Hong Kong Stock Exchange Group, delivered a speech entitled &...