Steven Mnuchin – cryptocurrency are used for illicit activities

Steven Mnuchin - cryptocurrency are used for illicit activities

State Secretary of the United States Treasury, Steven Mnuchin, shares President Donald Trump’s concerns about cryptocurrency. In a press conference, he underlined that they are used to fund illicit activities, generating a national security problem.

Mnuchin argued that FinCEN should carefully monitor the business of cryptocurrency trading companies.

cryptocurrency support illegal activities

Steven Mnuchin claimed that billions of dollars in cryptocurrency were used to fund illicit activities:

“Cryptomonas such as Bitcoin have been exploited to support illegal activities such as cybercrime. Tax evasion, drug trafficking, trafficking in human beings … This is indeed a national security issue. “

Crypto companies must register with FinCEN

According to Steven Mnuchin, Bitcoin users and other cryptocurrencies such as Libra have to follow the same policies to combat money laundering and combat terrorism financing as traditional institutions such as banks.

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He also pointed out that any company managing Cryptomones must comply with the Bank Secrecy Act (BSA) and register with FinCEN, one of the Treasury departments.

FinCEN is the federal regulatory authority that implements the BSA and has authority over all companies providing financial services. This includes crypto projects like Libra.

Recently, Steven Mnuchin has created a Working Group on Financial Stability Supervision of Digital Assets. It includes representatives of the SEC, CFTC, FinCen and the Federal Reserve. It aims to issue regulations that mitigate the risks of cryptocurrency.


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