US FinCEN is all set to roll out new requirements for cryptocurrencies

The US Treasury Secretary Steven Mnuchin, while speaking before the Senate Finance Committee, revealed that the FinCEN has increased its funding on anti-terror funding measures. He also noted that FinCEN is all set to release new requirements related to cryptocurrencies. The Treasury Secretary also talked about the dangers of cryptocurrencies in today’s world.

“We want to make sure crypto isn’t used like old Swiss secret bank accounts.”

While speaking before the Senate Finance Committee, Steven Mnuchin said we want to make sure that the technology moves forward, but on the other hand, it is also necessary to make sure that crypto is not used for the equivalent of old Swiss secret number bank accounts. He further mentioned that the efforts are being undertaken to make sure that law enforcement can see where the money is going, and it is not being used for money laundering.

Not the first time Mnuchin called for crypto regulations.

This is not the first time that the US Treasury Secretary had called for crypto regulations. In a speech last July, he pointed out the urgency in bringing rules for cryptocurrencies. In that speech, Mnuchin said that cryptocurrency, such as bitcoin, is being exploited to support billions of dollars of illicit activities. Earlier this week, the US Presidential candidate Andrew Yang, who had promised to bring more transparent regulations for crypto, dropped out of the presidential race.