US Treasury Chief Steven Mnuchin Sees Cryptocurrencies as National Security Threat

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Tue, 07/16/2019 - 06:00
Alex Dovbnya
The US is tightening its grip on the burgeoning crypto sector instead of following Switzerland’s suit
Cover image via U.Today
Contents

During a recent press conference, U.S. Treasury Secretary Steven Mnuchin sided with President Donald Trump by claiming that cryptocurrencies facilitate illegal activities. 

Mnuchin also said that he was “uncomfortable” with Facebook’s crypto plans.

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Channeling Trump’s tweets

Mnuchin’s harsh comments on crypto were expected since they perfectly reflect the stance that was taken by Trump himself. 

As reported by U.Today, the POTUS tweeted that he was not a fan of Bitcoin and other cryptocurrencies, including Facebook’s Libra.

While it’s quite possible that the Donald barely knows anything about Bitcoin and he was simply misled by his staff, it is clear the current administration is not here for crypto disruption (mostly due to customer protection issues). 

In order to mitigate risks that are related to money laundering, drug trafficking, and other unlawful activities, Mnuchin claims that digital assets must be subjected to the same standards as traditional finance.

Our overriding goal is to maintain the integrity of our financial system and protect it from abuse, - Mr. Mnuchin said.

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Bipartisan anger

When it comes to Facebook, Trump’s disdain for social media giants is rooted in their alleged bias against conservative voices. 

However, his Democratic opponents were also quick to criticize Libra.

In particular, Democratic Congresswoman Maxine Waters, which spearheads the House Financial Services Committee, has come up with a plan to ban Facebook and other “big tech” companies from issuing their own cryptocurrencies.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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