US Treasury Discusses Crypto Regulation Issues with Industry Leaders
On the 3rd of March 2020, the US treasury met with industry leaders and finance watchdog experts to debate about supervisory and regulatory challenges facing digital assets, including cryptocurrencies. Steven T. Mnuchin said that the US welcomes responsible innovation that may improve the financial system’s efficiency. He added an urgent need to protect the US national security and maintain the integrity of the financial system.
Additionally, the treasury focuses on preventing the misuse of digital currencies by money launderers, terrorist financiers, and other bad actors. The US plans to be at the forefront of regulating entities that provide crypto and will not tolerate the use of cryptocurrencies to support illicit activities.
Last week, Mnuchin announced that the US would unveil new guidelines related to crypto and digital remittance networks. He added that the US treasury is working on regulations that will boost transparency in crypto use to stop money laundering and terrorist financing.
The US Treasury Pushing on Transparency in Crypto Regulation
Munchin says that the US treasury will soon launch regulations, entailing greater transparency, for law enforcement to see where the money is going and ensure it is not used to aid money laundering.
The latest US treasury meeting over crypto regulation may be a forward move allowing the development of well-thought rules that encourage transparency while clamping down on the illicit use of crypto.
On the 2nd of March 2020, the Department of Justice, DoJ, indicted two Chinese nationals on money laundering related charges. The US treasury weighed in on the matter in a press conference.
The treasury claimed that the hackers helped North Korea evade international sanctions by raising money using ransomware and hacking banks, ATM networks, and crypto exchanges.