Share this article
US Finance Regulators Form Crypto Working Group, Says Mnuchin
Steven Mnuchin said on Friday that the Financial Stability Oversight Council has formed a working group focused on cryptocurrencies.
By Stan Higgins
Updated Dec 11, 2022, 7:30 p.m. Published Jan 12, 2018, 4:20 p.m.
U.S. Treasury Secretary Steven Mnuchin said on Friday that the Financial Stability Oversight Council, a government body that assesses financial system risks, has formed a working group focused on cryptocurrencies.
Mnuchin remarked on the process during an appearance at The Economic Club in Washington, D.C. after being asked about the topic of bitcoin.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"We are very focused on cryptocurrencies," Mnuchin explained, pointing to discussions with other regulators within the U.S. government and later stating: "We want to make sure that bad people cannot use these currencies to do bad things."
Mnuchin added that the issue was one that the U.S. government would engage with the G-20 international group as well. As previously reported, Mnuchin's French counterpart called for more action from the G-20 in December, highlighting "a risk of speculation" at the time.
On that subject of speculation, Mnuchin said that he is concerned about the issue as well.
"I want to make sure that consumers who are trading this understand the risks because I am concerned that consumers could get hurt."
During the remarks, Mnuchin also suggested that the Federal Reserve is unlikely to develop its own digital version of fiat currency – a topic under discussion at a number of central banks worldwide – in the near future.
"The Fed and we don't think there's a need for that at this point," Mnuchin said.
See below for a recording of Mnuchin's remarks (with the relevant section beginning at 4:55).
Imagehttps://www.shutterstock.com/image-photo/berlin-germany-20170316-finance-minister-steven-750217510?src=NQDMxbO5nowK9JdATdtVrw-1-1 via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
