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

Value capture in the crypto world: who are the supercapturers?

The crypto world is still very early, and the entire industry is still in its infancy. In this case, which tracks are...

Blockchain

Can the community restart and can the losses be recovered? 8 big events to clarify the way for FCoin to defend your rights

On February 17, 2020, FCoin founder Zhang Jian released the "FCoin Truth" announcement. FCoin was unable to...

Blockchain

Will Upbit's $ 50 million loss bring Defi's "prosperity"?

The South Korean exchange was stolen again. Following the theft of a South Korean exchange at the beginning of the ye...

Blockchain

FTX Founder SBF The Astonishing Fall of the Former Cryptocurrency King

In the development process of a new technology, there will always be a moment when the hype is so common that it is t...

Market

Latest Interview with Zhao Changpeng: Being "Under the Microscope" of Regulation, Market is Recovering in Bearish Period

On May 29th, Binance CEO Changpeng Zhao gave an interview to Bankless discussing his views on the current state of th...

Blockchain

OTC is a hotbed of money laundering, can the exchange stay out of the way?

What should I do if my account is accidentally frozen? The over-the-counter market (OTC) is becoming more and more at...