The Financial Crime Control Network (FinCEN) of the US Department of the Treasury is preparing new regulations on cryptography. The information was disclosed by Treasury Secretary Steven Mnuchin on Wednesday, February 12.
Speaking during a hearing at the Senate Finance Committee, Mnuchin said FinCEN is preparing to launch some "significant new regulations" around cryptocurrencies, although it did not provide further details.
Mnuchin's explanation came in response to Senator Maggie Hassan, who asked: "How will the budget proposed by the Treasury increase the supervision of suspicious crypto transactions and the prosecution of terrorists and other criminal organizations that finance illegal activities with cryptography?"
FinCEN and the Treasury Department, in general, are "spending a lot of time on this," Mnuchin said, and were working with some of the US regulators on the issue. He did not appoint specific regulators, but the Securities and Exchange Commission, the Commodities and Futures Trade Commission and the Department of Foreign Assets Control of the Treasury Department are all active in the crypto space.
"We want to make sure that technology advances, but, on the other hand, we want to make sure that cryptocurrencies are not used for the equivalent of old bank accounts with Swiss secret numbers," he said.
However, the Treasury shares the senator's concerns about illicit use and "will see a lot of work come out very quickly," Mnuchin said. A spokesman for FinCEN declined to comment.
FinCEN and its director, Kenneth Blanco, have been warning companies in the cryptocurrency space for months that, in their opinion, existing regulations cover most forms of transactions, particularly money laundering rules. The agency also said that social networks that have crypto projects cannot ignore illegal transactions, a clear reference to Facebook and Libra.
FinCEN joined its financial regulatory colleagues in signing a joint statement last fall, noting that banking laws still apply to this class of assets.
The entrance The secretary of the US Treasury. UU. He says the government is preparing rules for cryptocurrencies in the country was first published in Crypto Report.