US Treasury Steven Mnuchin is Against Cryptocurrencies

After Donald Trump’s diss, US Treasury Secretary Steven Mnuchin follows in his steps and bashes cryptocurrencies too.

Mnuchin against Crypto

Mnuchin reserved his opinion for a press conference on July 15th, where he claimed that cryptocurrencies are crime-indulgent explaining how they can be used for illicit activities.

He goes as far as to call them «a national security issue»:

Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, randomware, illicit drugs, human trafficking… This is indeed a national security issue.

However, he chose not to make mention of the numerous crimes, fraudulous activities and illicit trade made by the US Dollar, and instead opted to say that «billions of dollars» worth of cryptocurrencies have been suspiciously used for unknown ends.

He then continues by saying:

I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.

Mnuchin seems to be vaguely influenced by the President’s tweets where he openly admitted not to be a fan of cryptocurrencies, judging from the very short timelapse between both bashes, and the Secretary’s constant reference to Trump’s tweets.

It is normal and even expected for Mnuchin, and for Trump not to support cryptosince they threaten the US Dollar’s central authority and prevalence. Mnuchin warned that the US Treasury ‘’takes the role of the US Dollar as the world’s reserve currency very seriously.’’

 Mnuchin reminded that the Treasury digital financial services are governed by strict rules that cryptocurrency doesn’t seem to abide by. Federal and state laws require licenses on money transmission, and some people and businesses have been arrested for transmitting Bitcoin and other altcoins without a license. It is required to be registered within the Financial Crimes Enforcement Network (FinCEN) which is a federal regulator that has authority over all money transmitters.

The Treasury Secretary insists that FinCEN should keep an eye on crypto firms and handle upcoming ones.


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