US Treasury Secretary: We're Looking 'Carefully' at Illicit Uses of Bitcoin
The U.S. Secretary of the Treasury, Steven Mnuchin, has said his department is looking into the illegal uses of cryptocurrencies such as bitcoin.
The U.S. Secretary of the Treasury, Steven Mnuchin, has said his department is looking into the illegal uses of bitcoin.
In an interview with Yahoo Finance, Mnuchin said the situation should be examined "very carefully," stressing it is important to ensure that bitcoin is not used for "illicit purposes."
The issue is one he is discussing with international counterparts, he said.
Mnuchin added that bitcoin dealers in the U.S. must comply with know-your-customer and Bank Secrecy Act requirements, which are aimed to counter money laundering and fraud.
Regarding Treasury's stance on cryptocurrencies, the secretary indicated there is no timeline for any announcements, though he emphasized that government working groups are "looking into it."
The comments come only days after the Treasury revealed a plan to review the U.S. Financial Crimes Enforcement Network's (FinCEN) cryptocurrency practices.
The department said at the time: "We plan to determine how FinCEN identifies, prioritizes, and addresses money laundering and terrorist financing risks associated with virtual currencies."
Steven Mnuchin image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.