US Treasury’s Secretary Promises Crypto With “Significant New Requirements”

US Treasury’s Secretary Promises Crypto With “Significant New Requirements”

While the crypto industry as a whole mourns the fact that the most pro-crypto candidate, Andrew Yang, was forced to step down from his presidential candidacy, new events transpire. Crypto transcends the great US party lines when it comes to its importance. A large number of crypto companies and even patents are coming forth as the year goes on, creating a need to address crypto both economically and politically.

Prevent Another Secret Swiss Bank Account

On Wednesday this week, the US Senate held a hearing to address the country’s budget for 2021. Among the expected defense of Trump’s proposal, one totaling in $4.8 trillion, crypto questions were asked as well. One Senator Maggi Hassan (D-NH) urged the Senate how the Treasury’s new proposed budget would increase the surveillance on suspect crypto transactions. Furthermore, she wanted to know how the budget compensated for terrorist and other criminal organization prosecution, in regards to illegal crypto activities.

Steven Mnuchin, the Secretary of the US Treasury, gave her a reply. He explained that the Treasury would create new mandates when it comes to the Financial Crimes Enforcement Network or FinCEN.

He said that the Treasury wants to develop this technology further, but is careful about the matter. Harkening a day-long passed, Mnuchin explained that the Treasury didn’t want to help create the Swiss secret number bank accounts of this day and age.

Taking Sides For The Future

The world as a whole is starting to embrace cryptocurrencies, something that will doubtlessly irreversibly change the financial industry. As such, there is a considerable amount of upheaval happening, with countries trying to either integrate or outright ban its usage within their respective borders. India is a prime example of this, where a bill proposed risked a crypto owner a 10-year jail sentence. While this bill is unlikely to pass, as the country has recently started to go more pro-crypto, it’s a testament to the world’s reaction on one side of the fence.

Crypto Arms Race

Other countries, like China, decide to take control of the new industry and create their own iteration of it. At the time of writing, the Chinese government is in the process of a pilot program for three of its provinces, using its own Central Bank Digital Currency (CBDC) as a possible payment medium.

Both Europe and the US have started to double down on their crypto actions, as well, with the US, in particular, lagging the most behind. As it stands now, the US must either leverage the private sector or engage in a cooperation agreement, just like Europe had.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.