US Treasury Secretary Steven MNUCHIN said that he shares the President’s concern about the use of cryptocurrency to finance illegal activities and underscores the role of FinCEN regarding cryptocurrency organizations.
The minister made a statement at a press conference on July 15 and called the use of cryptocurrency to finance illegal activities a matter of national security, noting that billions of dollars were involved in this area:
“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, randomware, illicit drugs, human trafficking … This is indeed a national security issue.”
Steven MNUCHIN also said that any crypto transmitters must comply with the Bank Secrecy Act (BSA) and register with the Financial Crimes Enforcement Network (FinCEN): a bureau of the Treasury. FinCEN is the federal regulator that implements the BSA in practice, and has authority over all money service transmitters — including cryptocurrency projects such as Libra.
Image courtesy of Washington Examiner