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Home Cryptocurrency news Bitcoin

US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses
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Friday night, United States President Donald Trump tweeted about Facebook Libra, Bitcoin, and crypto as a whole, expressing his distaste in the emerging asset class and commenting on their “unlawful” uses.

Following the first glimmer at the government’s more demonizing stance against cryptocurrencies, Steve Mnuchin, the United States Secretary of the Treasury, briefed the nation on live television about the state on of the budding digital financial technology called crypto. But his comments weren’t positive and the crypto industry is left scratching its head wondering what this means for the entire landscape.

Will The United States Finally Bring Regulation to the Crypto Industry?

The crypto industry, is a young, fast-paced, volatile and potentially world-changing category of of financial assets, however, because of it being a relatively new technology, there is still so much about the asset class that the world doesn’t know. And sometimes, people fear the unknown, or at the very least, can have their opinions easily swayed by public opinion if they aren’t familiar with the subject themselves.

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Related Reading | Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware

Bitcoin and other cryptocurrencies often get a bad reputation for “unlawful” use, including but not limited to, “cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking.” Uses that as Steve Mnuchin, the United States Secretary of the Treasury explained as reasons for pause and concern.

Holy crap! Turn on the TV. Treasury Secretary of the USA making an emergency announcement about #crypto!!

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) July 15, 2019

He pointed out the asset classes’s recent popularity, and spoke of Facebook’s Libra, and Bitcoin. Mnuchin also said government regulators wouldn’t “tolerate the use of the cryptocurrencies in support of illicit activities,” and plans on cracking down on exchanges that offer the digital asset class and don’t comply.

But the young technology is being incorrectly blamed for how people put it to use, yet the US dollar isn’t put under the same scrutiny. Crypto in an of itself is just a technology that anyone can use – that’s the glory of the future of money. However, because anyone can use them, and there’s an added layer of pseudo anonymity, they often are the first choice for cyber criminals.

Dear @StevenMnuchin1,

I appreciate your concern about bad actors using cryptocurrencies, but please remember: technology is amoral.

All of it — electricity, cars, the internet — can be used for good or evil. And yet, it is the beating heart of human progress. We must push on.

— Jake Chervinsky (@jchervinsky) July 15, 2019

Just like the firearms debate, it’s truly the person beholding the technology that is responsible for how its used. And the tool, technology, or vehicle itself should not be to blame.

Still there’s much Wild West left in the crypto industry and there is scams and hacks abound, but such is the case with the internet too, and as technology advances, it’ll always be used for “unlawful” or illicit activities so long as humans exist.

Will All Bitcoin Exchanges Soon Be Regulated?

The timing is suspect, with the comments made just weeks following Binance announcing that it will no longer be serving US customers. Could Binance just be the first in what is a coming domino effect of US investors being cut off from crypto?

Related Reading | Clearing Up the Crypto Confusion For US-Based Binance Traders of Altcoins

The scenario is possible, as financial markets are heavily regulated in the US and other countries. As regulation steps up, the crypto industry will no doubt be transformed. But whatever it becomes, let’s hope it is eventually taken more seriously and not so quickly dismissed as a vehicle for crime.

Tags: bitcoincryptotreasuryTrumpunited states
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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