The US Treasury Secretary, Steven T. Mnuchin, had earlier revealed the US FinCEN is planning to roll out new crypto regulations to curb down the use of crypto in money laundering and terror financing. On 2nd March, the US Department of Treasury held a meeting with industry leaders to discuss crypto regulations.
“We must ensure the balance between innovation and national security.”
The Secretary of the US Department of Treasury, Steven T. Mnuchin, said that the US welcomes responsible innovation, including new technologies that may improve the efficiency of the financial system. He added that it is important to balance innovation with the need to protect national security and maintain the integrity of the financial system. Mnuchin had also previously described crypto regulations as a national security issue.
US FinCEN to soon roll out new crypto regulations
The US Treasury Secretary Steven Mnuchin earlier revealed that the Financial Crimes Enforcement Network (FinCEN) is planning to roll out new crypto regulations. While speaking before the Senate Finance Committee, Mnuchin said that 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 via cryptocurrency. In July 2019, Mnuchin pointed out the urgency of bringing rules for cryptocurrencies.
Mnuchin "significant new requirements" on Crypto.
— 3…2..1.XRP🏁 (@xrp_hodl_) February 12, 2020