For two years now, President Trump’s regime has not commented about cryptocurrencies.
But late last month, the US Secretary for Treasury, Steven Mnuchin said that US supervisory bodies will likely announce new crypto laws. The Treasury secretary particularly said these that these additional set of laws will ensure digital currencies do not impact negatively on the present monetary system.
Mnuchin’s is voicing his concerns at a time when President Trump’s admin is beginning to pay attention to digital currencies. The administration has been skeptical about crypto and it seems like the news about Facebook’s new digital coin— the Libra— has stirred things up once more.
“The authorities will scrutinize all cryptocurrency assets and do an in-depth analysis of the asset class so we should expect more laws,” Mnuchin said. “Our goal is to ensure a standard approach and that will mean more rules from all the supervisory bodies looking into the matter.”
Unclear Motives Behind the Regulations
According to CNBC, a group of US watchdogs have admitted to play a part in the change in crypto rules; two of the names listed include; (1) Securities & Exchange Commission (SEC), and (2) Commodities Futures Trading Commission (CFTC).
But the move to add more regulations to digital currencies is not without opposition. There’s controversy surrounding the types of regulations these additional laws will include. A group of Representatives even proposed some legislation they call the Anti-crypto Bill.
These Additional Crypto Regulations May Not Be Too Friendly
The Treasury secretary’s latest comments have been unwelcoming for citizens anticipating friendly laws from the President Trump’s government.
According to Mnuchin, Bitcoin will be no more in a decade or even sooner. The top-ranking official referred to the superior digital currency as “a trend that will soon fade away.”
As if that wasn’t enough stain to throw on the highest ranking digital currency, the Treasury secretary recently called cryptocurrencies an “escape routes for money launderers.”Yet the latest studies have shown that less that 0.5% of Bitcoin-supported payments are used for illegal purposes.
These allegations are a clear sign citizens relying on digital currencies should not expect too friendly laws.
Crypto lovers are now all ears to hear the new set of laws that will govern how the use their favorite digital currencies.Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker. He’s just as passionate about assisting businesses get a Bitcoin merchant account as he is with traveling and spending time with his dog Cooper.