A widely anticipated stance has been taken by the U.S. Treasury on July 15, and the cryptocurrency world is slowly realizing the implications of what has been said. Secretary of the Treasury Steven Mnuchin took to the dais and clearly laid out a stance that will not permit unregulated and illicit crypto activity.
In the six minute statement, Mnuchin made it clear that while the U.S. isn’t anti-crypto, there are a lot of problems that the Treasury believes need to be fixed, and fast. He laid out the department’s “serious concerns the treasury has on the growing misuse of virtual currencies by money launderers, terrorist financiers and other bad players.”
This comes just days after U.S. President Donald Trump, who has not often discussed the topic of crypto, suddenly tweeted about the topic:
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Mnuchin helped clarify that statement and spell out exactly what illegal activity Trump was referring to when discussing SegWitCoin (BTC) and other dark coins:
“The treasury department has expressed very serious concerns that Libra could be misused by money launders and terrorist financiers. Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking. Many players have attempted to use cryptocurrencies to fund their maligned behavior. This is indeed a national security issue.”
The way forward is now pretty clear. Digital currencies and money service operators have to start adhering to the same rules as everyone else,