US Treasury Dept and Industry Leaders Met to Discuss The Challenges In Crypto Compliance
The US Treasury Department, along with important figures in the crypto industry, have met to discuss the regulatory challenges in the crypto space.
On March 2nd, the Treasury made an announcement that it will be meeting with crypto experts and leaders in order to address the supervision and regulation of crypto assets.
Steven Mnuchin, the secretary of the Treasury, said he welcomes any responsible innovation that has the potential to make the financial system more efficient.
Innovation Compromising National Security?
Mnuchin also mentioned that national security may be threatened by innovation in the financial system, noting that:
“We must ensure that we balance innovation with the need to protect our national security and maintain the integrity of our financial system.”
According to the announcement released yesterday, the US Treasury Department focuses on preventing money laundering, terrorist financing and other illegal activities done with the help of crypto assets.
It further added that the US will fight for crypto regulation and that it won’t tolerate cryptocurrencies being used for any illegal activity.
The US Has Always Been in Conflict with Cryptocurrencies
Many US financial regulators have been very cautious and even hostile towards the subject of cryptocurrencies.
Even Mnuchin insisted last summer that Bitcoin (BTC) is laundered more than cash. In December, one of the US Federal Reserve’s governors stated that one-fourth of the people who use BTC are criminals and half of the BTC transactions are related to crimes.
The association of cryptocurrencies with illegal activities leads to the financial system being deprived of collaborations involving crypto assets.
Not long ago, the ChangeOutput blockchain communications shop’s founder, Justin O’Connell, mentioned that there are many banks not facilitating crypto-operating businesses just because there’s a belief that cryptocurrencies are being used for all sort of illicit actions.