{"id":109845,"date":"2019-07-15T13:13:22","date_gmt":"2019-07-15T20:13:22","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=109845"},"modified":"2020-04-09T18:42:49","modified_gmt":"2020-04-09T17:42:49","slug":"us-treasury-secretary-bitcoin-national-security-cryptocurrency-dominated-illicit-activity-speculation","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/us-treasury-secretary-bitcoin-national-security-cryptocurrency-dominated-illicit-activity-speculation\/","title":{"rendered":"US Treasury Secretary: Bitcoin a \u201cnational security issue,\u201d cryptocurrency dominated by illicit activity and speculation"},"content":{"rendered":"

Following President Trump\u2019s derisive tweet<\/a> about Bitcoin<\/a>, U.S. Secretary of the Treasury Steven Mnuchin held a briefing<\/a> on regulating Bitcoin and Facebook\u2019s<\/a> Libra<\/a>\u00a0because of their use in criminal activity and the threat they pose to the financial system.<\/p>\n

An hour ago the U.S. Department of Treasury held a briefing to express its stance on cryptocurrency. The briefing was focused on the \u201cmisuse\u201d of crypto stemming from its ability to circumvent regulations due to its pseudo-anonymity and decentralization. These qualities may jeopardize the U.S. financial system, Mnuchin suggested.<\/p>\n

The Treasury on Bitcoin<\/h2>\n

Mnuchin first emphasized that Bitcoin and other cryptocurrencies are often used by criminals looking to circumvent U.S. controls:<\/p>\n

\u201cI will focus primarily on the serious concerns the Treasury has of the growing misuse of cryptocurrency by money launderers, terrorist financiers, and other bad players.\u201d<\/p><\/blockquote>\n

…<\/p>\n

\u201cCryptocurrency such as Bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion<\/a>, extortion<\/a>, ransomware<\/a>, illicit drugs, human trafficking. Many players have used cryptocurrency to support their maligned behavior\u2014this is indeed a national security issue.\u201d<\/p><\/blockquote>\n

This association is not surprising. Silk Road was partially responsible<\/a> for accelerating the adoption of Bitcoin while it was still gaining critical mass, while its application in illegal activity is one of the cryptocurrency\u2019s major use-cases.<\/p>\n

“If you think you're going to use Bitcoin to go on the dark web… you're gonna get caught,” Mnuchin asserted.<\/p><\/blockquote>\n

As such, it\u2019s not surprising that the focus of the Treasury is on criminal uses and how businesses which transact or deal in cryptocurrency must comply with the proper regulations.<\/p>\n

The Treasury\u2019s stance was clear. Whether it\u2019s Bitcoin or Facebook, those using distributed ledger technology must implement the same anti-money laundering laws and comply with the Banking Secrecy Act<\/a> and FinCEN<\/a>, just as banks do. However, it\u2019s unclear how the Treasury Secretary expects a decentralized entity, such as Bitcoin, to comply with these regulations.<\/p>\n

To enforce those goals, the U.S. will go to \u201cgreat lengths\u201d to ensure that both domestically and internationally that cryptocurrency is regulated.<\/p>\n

\u201cRegulation does not stop at the U.S. border. FATF, known as the \u2018global standard setter\u2019 for AML\/CFT\u00a0 [anti-money laundering and Countering Financing of Terrorism Act of 2009], adopted comprehensive measures on how countries must regulate and supervise activities and providers in the space. This is a major step towards harmonizing international regulations concerning cryptocurrencies.\u201d<\/p><\/blockquote>\n

The Department of Treasury also recently established the financial stability oversight council (FSOC) working group over digital assets, allowing \u201ckey\u201d regulators such as FinCEN, the Federal Reserve, the CFTC, and the SEC to work together to combat \u201crisks\u201d posed by cryptocurrency.<\/p>\n

The primary reason, as expressed by Mnuchin, is to maintain the dominance of the dollar as the world\u2019s reserve currency and to ensure the U.S. financial systems remain secure.<\/p>\n

\u201cThe Treasury takes very seriously the role of the U.S. dollar as the world\u2019s reserve currency. We will continue our efforts to protect our country and secure the U.S. financial systems.\u201d<\/p><\/blockquote>\n

This implies that Bitcoin and Facebook\u2019s Libra have the potential to jeopardize this stability. Finally, for those looking to invest in Bitcoin, the Treasury Secretary had this to say:<\/p>\n

\u201cI tell them to be careful. They should be clear why they\u2019re investing in them. There are a lot of good things to invest in, obviously we know about. Our number one issue is one, we don\u2019t want bad actors using cryptocurrencies. To a large extent these cryptocurrencies have been dominated by illicit activities and speculation, we will make sure the general public and investors and understand what they\u2019re investing in, and whether it\u2019s the SEC or other regulators, that there are proper disclosures.\u201d<\/p><\/blockquote>\n

Serious concerns about Libra<\/h2>\n

The Treasury Department also expressed \u201cserious concerns\u201d that Libra could also be used to support illicit activity. Representatives from Calibra, Facebook\u2019s subsidiary for the cryptocurrency, have had several discussions with regulators so far, according to Mnuchin.<\/p>\n

\u201cThe principals, or at the deputy\u2019s level, we\u2019ve had multiple meetings across the regulators with representatives with Facebook to express our concerns.\u201d<\/p><\/blockquote>\n

Money service businesses and cryptocurrency money transmitters are subjected to compliance examinations just like any other bank, under the Banking Secrecy Act, assert Mnuchin. The Treasury will not allow digital asset providers to \u201coperate in the shadows.\u201d<\/p>\n

Yet, that\u2019s not to say that the government is completely unwilling to allow Facebook to issue a cryptocurrency.<\/p>\n

\u201cThe Extent Facebook can do this correctly, and can have a payment system, correctly, with proper AML, that\u2019s fine. They got a lot of work to do to convince us to get to that place.\u201d<\/p><\/blockquote>\n

However, at the current stage it seems that the government is \u201cuncomfortable\u201d with where Facebook\u2019s Libra is at today, as evidenced by Mnuchin\u2019s response to a question later in the briefing:<\/p>\n

\u201cI didn\u2019t say I was comfortable with [Facebook] launching a currency. I\u2019m not comfortable today. Let me be careful, as I\u2019ve said. They and others have a lot of work to do before they get us comfortable.\u201d<\/p><\/blockquote>\n

This stance mirrors<\/a> President Donald Trump's view that if “Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other banks.”<\/p>\n

\u201cResponsible\u201d financial innovation<\/h2>\n

The Treasury iterated that it does not wish to stifle financial innovation in the U.S., and will continue to permit innovation so long as it does not undermine the integrity of the financial system.<\/p>\n

\u201cThe U.S. welcomes responsible innovation including new technologies which may improve the efficiency of the financial system and expand access to financial services. That being said, with respect to Facebook\u2019s Libra and other developments in cryptocurrencies, our overriding goal is to maintain the integrity of our financial system and protect it from abuse.\u201d<\/p><\/blockquote>\n

Overall, the regulatory environment is intended to be a \u201clevel playing field\u201d for all actors wishing to operate in the space.<\/p>\n

\u201cThis is intended to be a level playing field. Whether you\u2019re MoneyGram, or you\u2019re a bank, or you\u2019re online, or you\u2019re PayPal. This is intended to be a level playing field. Again, What we do encourage, and there\u2019s been a lot of financial innovation away from traditional banks, for electronic payment systems. Lots of people use electronic payment systems in dollars very effectively. We\u2019ll continue to support those activities. We want technology to evolve.\u201d<\/p><\/blockquote>\n

Yet, so far it seems the only entities that can effectively navigate the full gamut of U.S. financial regulations are the big banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following President Trump\u2019s derisive tweet about Bitcoin, U.S. Secretary of the Treasury Steven Mnuchin held a briefing on regulating Bitcoin and Facebook\u2019s Libra\u00a0because of their use in criminal activity and the threat they pose to the financial system. An hour ago the U.S. Department of Treasury held a briefing to express its stance on cryptocurrency. […]<\/p>\n","protected":false},"author":29,"featured_media":72588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61045,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nUS Treasury Secretary: Bitcoin a \u201cnational security issue,\u201d cryptocurrency dominated by illicit activity and speculation<\/title>\n<meta name=\"description\" content=\"U.S. Secretary of the Treasury Steven Mnuchin held a briefing on regulating Bitcoin and Facebook\u2019s Libra and the threat they pose to the financial system.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/us-treasury-secretary-bitcoin-national-security-cryptocurrency-dominated-illicit-activity-speculation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Treasury Secretary: Bitcoin a \u201cnational security issue,\u201d cryptocurrency dominated by illicit activity and speculation\" \/>\n<meta property=\"og:description\" content=\"U.S. Secretary of the Treasury Steven Mnuchin held a briefing on regulating Bitcoin and Facebook\u2019s Libra and the threat they pose to the financial system.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/us-treasury-secretary-bitcoin-national-security-cryptocurrency-dominated-illicit-activity-speculation\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-15T20:13:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-09T17:42:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/usd-bitcoin-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mitchell Moos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"US Treasury Secretary: Bitcoin a \u201cnational security issue,\u201d cryptocurrency dominated by illicit activity and speculation\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mitchell Moos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/us-treasury-secretary-bitcoin-national-security-cryptocurrency-dominated-illicit-activity-speculation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/us-treasury-secretary-bitcoin-national-security-cryptocurrency-dominated-illicit-activity-speculation\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#person\",\"name\":\"Mitchell Moos\",\"url\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"caption\":\"Mitchell Moos\"},\"jobTitle\":\"Contributing Analyst\",\"description\":\"Mitchell is a software enthusiast and entrepreneur. 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